NYC Midtown Condo Tower Gets $860M In Asian Financing

Law360, New York (October 30, 2013, 7:39 PM EDT) -- A condo tower that has been in the works at 53 W. 53rd St. in Manhattan for several years has secured $860 million in construction financing from Pontiac Land Group of Singapore, developer Hines announced Tuesday.

In addition to securing the financing, to be funded by a consortium of Asian banks, Pontiac Land Group joined Hines and Goldman Sachs Real Estate Principal Investment Area in the equity ownership of the project adjacent to the Museum of Modern Art.

The Jean Nouvel-designed tower will be a 72-story,...
To view the full article, register now.