Rendering of 45 Park Place via Williams New York (L); Aerial view of 45 Park Place in the downtown skyline created by CityRealty
Soho Properties has received $219 million in construction loans for a $174 million luxury condominium project at 45 Park Place in Tribeca, according to a statement from Manhattan developer Sharif El-Gamal, The Real Deal reports. The deal was funded by the London branch of Malayan Banking Berhad (Maybank) and Kuwait-based Warba Bank, with Saudi investment firm MASIC providing a $45 million mezzanine loan and Italian bank Intesa Sanpaolo serving as documentation agent. The developer had previously secured $33 million in financing from Madison Realty Capital in 2014.
The funding will be used for the residential tower and an Islamic cultural museum to be built next door at 51 Park Place. The condo project, to be designed by SOMA Architects, will be a 665-foot, 43-story tower with 50 high-end apartments, including two penthouses on the top four floors. Ismael Leyva Architects is listed as the architect of record.
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, Mon, September 28, 2015
Rendering of 45 Park Place via Williams New York (L); Aerial view of 45 Park Place in the downtown skyline via CityRealty
In July, 6sqft revealed that 12,000-square-foot lot at 45 Park Place in Tribeca (the former site of the controversial Ground Zero Mosque that was shelved four years ago by developer Sharif El-Gamal) was cleared to make way for a huge new condo. The lot is owned by El-Gamal’s SoHo Properties, who, just today, unveiled the final design for the slender, SOMA Architects-designed tower, along with new details, including its 665-foot height and sky-high pricing. As Bloomberg reports, the 70-story glass tower “will include at least 15 full-floor units of 3,200 to 3,700 square feet, and average prices higher than $3,000 a square foot… Prices at that level would be at least 13 percent more than the second-quarter average for new-development listings in the borough.”
More details ahead
New images have been uncovered of an upcoming 39-story condominium tower poised to rise from a storied site in Tribeca. Curbed first broke the rendering reveal back in July and a representative of the developers noted that tower depicted in renderings are not quite final. Nevertheless new images posted on of SOMA Architects’ website give us additional glimpses of what the project could be.
Simply known as 45 Park Place (for now), the development is comprised of a 665-foot tower luxury tower and an Islamic museum, is being developed by a consortium led by Soho Properties, headed by Sharif El-Gamal. The tower is being crafted by Michel Abboud of SOMA Architects, with Ismael Leyva serving as the architect of record. Renderings posted on SOMA’s website convey a light, airy tower composed of stem-like volumes bundled by delicate bands of lattice-like mullions. The ground-level view gives us our first glimpse of the adjacent Islamic museum and prayer space reportedly designed by Pritzker Prize–winning French architect Jean Nouvel. A small plaza fronting the museum will expose a vegetated side wall of the neighboring building that houses popular downtown grocer Amish Market.
More on the development here
Sharif El-Gamal, CEO of real estate developer Soho Properties, announced today that his company acquired 49-51 Park Place from Consolidated Edison for $10.7 million. He also confirmed that none other than Pritzker Prize-winning starchitect Jean Nouvel will be designing the site’s three-story Islam museum and prayer space.
More on the breaking development