Minskoff Inks $165M Tower Loan Despite Lack Of Tenants

Law360, New York (November 3, 2011, 7:27 PM EDT) -- Edward J. Minskoff Equities Inc. has closed on a $165 million construction loan from Bank of America NA to build an ambitious full-block office tower in lower Manhattan despite not having a tenant in place, the developer confirmed Thursday.

Construction is already underway at 51 Astor Place, a 400,000-square-foot tower planned for split use with neighboring Cooper Union, the engineering and design college. The ribbed granite-and-glass building will be among the most technologically modern buildings in Manhattan and an attractive corporate home, Edward Minskoff said....
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