{"id":1004073835,"date":"2013-05-16T05:51:51","date_gmt":"2013-05-16T13:51:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004073835"},"modified":"2022-12-08T06:39:49","modified_gmt":"2022-12-08T14:39:49","slug":"silverstein-secures-financing-for-four-seasons-hotel-condo-project-in-lower-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/silverstein-secures-financing-for-four-seasons-hotel-condo-project-in-lower-manhattan\/","title":{"rendered":"Silverstein Secures Financing for Four Seasons Hotel, Condo Project in Lower Manhattan"},"content":{"rendered":"<p><em>By Gail Kalinoski, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/Four_Seasons_Hotel_and_Private_Residences_New_York%2c_Downtown.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004073838\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/silverstein-secures-financing-for-four-seasons-hotel-condo-project-in-lower-manhattan\/four_seasons_hotel_and_private_residences_new_york%2c_downtown\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/Four_Seasons_Hotel_and_Private_Residences_New_York%2c_Downtown.jpg\" data-orig-size=\"395,640\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Four_Seasons_Hotel_and_Private_Residences_New_York%2c_Downtown\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/Four_Seasons_Hotel_and_Private_Residences_New_York%2c_Downtown.jpg?w=395\" class=\"alignleft size-medium wp-image-1004073838\" title=\"Four_Seasons_Hotel_and_Private_Residences_New_York%2c_Downtown\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/Four_Seasons_Hotel_and_Private_Residences_New_York%2c_Downtown.jpg\" alt=\"\" width=\"185\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/Four_Seasons_Hotel_and_Private_Residences_New_York%2c_Downtown.jpg 395w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/Four_Seasons_Hotel_and_Private_Residences_New_York%2c_Downtown.jpg?resize=185,300 185w\" sizes=\"auto, (max-width: 185px) 100vw, 185px\" \/><\/a><\/p>\n<p>Backed by a $660 million loan from a London investment fund, Silverstein Properties said it will begin construction this fall on a $950 million, 82-story skyscraper in Downtown Manhattan that will comprise a 185-room Four Seasons hotel and 157 luxury condos.<\/p>\n<p>At 926 feet, it will be the tallest residential building in Downtown Manhattan and one of the tallest buildings in New York City. Located at Park Place and Church Street in Tribeca, the Four Seasons Hotel and Private Residences New York, Downtown, is expected to open by 2016. Now being called 30 Park Place, the site is the former Moody\u2019s headquarters then known as 99 Church St. Silverstein Properties and the California State Teachers\u2019 Retirement System (CalSTRS) bought the site from Moody\u2019s in 2007. <a href=\"https:\/\/www.commercialsearch.com\/news\/homepage\/wtc-developer-unveils-new-design-gives-rebuilding-update\/\">Silverstein unveiled plans for the hotel-condo project in January 2008 during an update on rebuilding efforts at the nearby World Trade Center site.<\/a> But plans were put on hold following the fiscal downturn that started several months later causing credit markets to freeze.<\/p>\n<p>Five years later, the project is moving ahead now that the financing has been secured from The Children\u2019s Investment Fund Management L.L.P. of London.<\/p>\n<p>\u201cThis project perfectly fits our investment strategy in New York City, which includes other high- end residential projects such as 432 Park Ave. and 737 Park Ave.,\u201d Martin Frass-Ehrfeld, partner at TCIF, said in a news release. He said the fund was excited \u201cto provide financing to a pristine group of partners.\u201d<\/p>\n<p>Larry Silverstein, president &amp; CEO of Silverstein Properties, Inc., said the new tower will become a new and distinct landmark in the city\u2019s skyline.<\/p>\n<p>\u201cIt will join and enhance a world-class neighborhood that is already home to a dynamic blend of modern office towers, private residences, high-end retail and dazzling public spaces,\u201d he said in the statement. \u201cDowntown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.\u201d<\/p>\n<p>Robert A.M. Stern Architects is designing the building and the private residence floor plans and interiors. Yabu Pushelberg is designing the hotel interiors. SLCE Architects is the Architect-of-Record. Tishman Construction is the general contractor. The firm, which built 7 World Trade Center for Silverstein Properties in 2006, is also the general contractor for 3 and 4 World Trade Center. Corcoran Sunshine Marketing Group expects to begin marketing and selling the condos in spring 2014.<\/p>\n<p>\u201cWe are thrilled that the project at 99 Church is slated to go forward and contribute to the tremendous growth in Lower Manhattan\u2019s hospitality industry,\u201d a spokesperson for the Alliance for Downtown New York, told <em>Commercial Property Executive<\/em>. \u201cAs the buildings at the World Trade Center site come online and major tenants, including Conde Nast, open their doors in Lower Manhattan, this hotel and others will serve as a huge draw to the city\u2019s leisure and business travelers.\u201d<\/p>\n<p>Before 9\/11, there were six hotels in the area. There are now 18 and the number of hotel rooms has grown by 78 percent to 4,100, the spokesperson noted, adding that there should be 23 hotels with more than 5,100 rooms south of Chambers Street by 2014.<\/p>\n<p>The spokesperson added that the alliance partnered with NYC &amp; Co. beginning two years ago to showcase the area\u2019s recovery and revitalization. The international campaign urging visitors to stay in Lower Manhattan hotels and eat and shop in the area has been very successful.<\/p>\n<p>When it opens, the Four Seasons will feature three floors of lobbies, lounges, a restaurant, ballrooms, meeting facilities, a spa, fitness center and pool. The hotel entrance will be on Barclay Street and there will be a second entrance to the restaurant on Church Street. The public rooms of the hotel will overlook a landscaped public plaza.<\/p>\n<p>\u201cAdding a second hotel to our existing iconic property in New York on 57<sup>th<\/sup> Street, will be a great addition to the portfolio of the Four Seasons,\u201d\u00a0 Scott Woroch, executive vice president worldwide development, Four Season Hotels and Resorts, said in the news release.<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/orlando\/four-seasons-breaks-ground-on-its-largest-resort-near-disney-world\/\">Silverstein Properties and the Four Seasons are also teaming up in Orlando, Fla., where the world\u2019s largest Four Seasons resort is under construction on the northeast portion of Disney World<\/a>. The 445-room luxury resort is expected to open in July 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Backed by a $660 million loan from a London investment fund, Silverstein Properties will begin construction this fall on a $950 million project, one of the tallest skyscrapers in downtown Manhattan, comprised of a 185-room Four Seasons hotel and 157 luxury condos.  <\/p>\n","protected":false},"author":952,"featured_media":1004073838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21751,11,1600,21742],"tags":[],"class_list":["post-1004073835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-hotel","category-midatlantic","category-new-york","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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