Moinian Secures Loan for Manhattan’s Largest Apartment Tower Under Construction
Development of 605 West 42nd St., The Moinian Group’s luxury residential tower, can continue now that the firm has secured a construction loan. The New York-based developer also announced that SL Green has signed on as an investor.
By Gail Kalinoski, Contributing Editor
Development of 605 West 42nd St., The Moinian Group’s 1.16 million-square-foot luxury residential tower can continue now that the New York-based firm has secured a $539 million construction loan.
Financing for the 60-story tower at West 42nd Street and 11th Avenue on Manhattan’s Far West Side is being provided by the New York State Housing Finance Agency with credit enhancement from Bank of China and Ullico, a labor-owned insurance and investment company.
The Moinian Group also announced that SL Green is participating as an investor in the project. A dollar amount for the SL Green investment was not released.
“605 West 42nd Street is going to be a shining example of a large-scale, out-of-the-ground residential development that realizes a bold vision – pushing the limits of luxury and convenience to create not only a living space, but a lifestyle,” CEO Joseph Moinian said in a news release. “We are gratified to partner with the finest financial institutions in the world as we move forward.”
The building, which will have 1,174 units, is the largest rental development under construction in Manhattan. It’s adjacent to the 46-story, 478-unit Atelier condominium tower that The Moinian Group finished in 2007. They are both part of the company’s 4 million buildable square foot development pipeline on the city’s Far West Side along 11th Avenue that will include 3 Hudson Blvd., the 1.8 million-square-foot tower also planned for the Hudson Yards district. The Moinian Group announced in late June that it had secured a land loan from AIG’s Commercial Mortgage Lending Group for 3 Hudson Blvd., a skyscraper between West 34th and West 35th streets that will have possibly have several floors of luxury residences along with 1.5 million square feet of Class A office space and 22,000 square feet of retail.
“The Moinian Group has always believed that the West Side would be a sought-after area, so we pioneered this neighborhood in anticipation of that demand and now we’re seeing those efforts come to fruition,” Mitchell Moinian, senior vice president said in the release.
The tower at 605 West 42nd St., expected to be completed in 2015, will have ultra-luxury penthouse units, 939 market-rate apartments ranging from studios to two-bedrooms and 235 affordable apartments. There will be 20,000 square feet of ground floor retail, possibly to be used an auto showroom, at the base of the building.
Amenities planned for the building include a 40,000-square-foot public health club with indoor and outdoor pools and spa. The property will also feature a grand lobby, lounges, lobby space, restaurant and about 20,000 square feet of landscaped terrace and deck space.
Tishman Construction is building the tower. Goldstein Hill & West Architects, L.L.C. designed the glass-façade structure. The Rockwell Group and Thomas Balsey Associates are designing the outdoor space.
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