{"id":1004478010,"date":"2020-09-16T01:48:24","date_gmt":"2020-09-16T09:48:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004478010"},"modified":"2020-09-16T04:32:21","modified_gmt":"2020-09-16T12:32:21","slug":"sl-green-lands-partner-financing-for-manhattan-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/","title":{"rendered":"SL Green Lands Partner, Financing for Manhattan Project"},"content":{"rendered":"<div id=\"attachment_1004478034\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004478034\" data-attachment-id=\"1004478034\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/one-vanderbilt_view-from-bryant-park-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" 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;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"One-Vanderbilt_View-from-Bryant-Park\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;One Vanderbilt. Image courtesy of Kohn Pedersen Fox Associates&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg?w=800\" class=\"wp-image-1004478034 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004478034\" class=\"wp-caption-text\">One Vanderbilt. <em>Image courtesy of Kohn Pedersen Fox Associates<\/em><\/p><\/div>\n<p>SL Green Realty Corp. is moving forward with the development of a 27-story, 215,000-square-foot mixed-use building for Pace University at 126 Nassau St. in Manhattan\u2019s Financial District now that it has capitalized the project and closed on a $125 million <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-600m-refi-for-manhattan-high-rise-project\/\">construction loan<\/a> with The Bank of China.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-opens-manhattans-newest-supertall\/\">SL Green Opens Manhattan\u2019s Newest Supertall Skyscraper<\/a><\/p>\n<hr>\n<p>Meritz Alternative Investment Management has taken an 80 percent interest in the new joint venture, with SL Green retaining a 20 percent interest and oversight of the development at the corner of Nassau and Beekman streets. The price Meritz, a South Korean-based financial services conglomerate, paid for the majority stake in the joint venture was not released. Details about the construction loan were also not disclosed.<\/p>\n<p>SL Green acquired the 99-year ground lease of 126-132 Nassau St. in March and secured a 30-year leasehold condominium from Pace University for the new development. The project is part of Pace University\u2019s NYC Master Plan to revitalize its Lower Manhattan campus. The new building will include suite-style housing, dining, a library, classrooms, as well as other academic and common spaces. Construction is expected to begin in early 2021 and be completed by fall of 2023.<\/p>\n<p>The university is marketing development rights at One Pace Plaza East, an 18-story, 462,500-square-foot tower near the Brooklyn Bridge, as a potential life sciences property. Built in the late 1960s, One Pace Plaza East has dorms, classrooms, offices, a library and the Schimmel Center Theater, but Pace University officials say it would be too expensive to renovate. One Pace Plaza East will be demolished in early 2024 after the Nassau Street building is completed. The sale will not affect One Pace Plaza West, which was recently renovated. The university is also renovating parts of 41 Park Row and notes on its website it plans to take over the remainder of 161-163 William St. in late 2022.<\/p>\n<p>SL Green has built <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-selling-spree-continues\/\">dormitory projects for Pace University<\/a> in the past, including 33 Beekman St., developed jointly with Naftali Group and sold in 2015, and 180 Broadway, which was developed with partner Jeff Sutton and sold in 2013.<\/p>\n<h2><strong>One Vanderbilt debuts<\/strong><\/h2>\n<p>Harrison Sitomer, SL Green senior vice president, said in a prepared statement securing the joint venture partner and construction financing for the project is a vote of confidence&nbsp; in the REIT\u2019s ability to deliver best-in-class new development to prominent New York City users. He said it\u2019s the next step in the execution of SL Greens\u2019 development strategy. SL Green, Manhattan\u2019s largest office landlord, and development partner Hines opened One Vanderbilt on Monday, the second-tallest skyscraper in New York City. The 1,401-foot-tall building with 77 stories spans a full city block between 42nd and 43<sup>rd<\/sup> streets, between Madison and Vanderbilt avenues in Midtown Manhattan. The property has 1.7 million square feet of Class A office space and is nearly 70 percent leased.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The REIT closed on a $125 million construction loan.<\/p>\n","protected":false},"author":1068,"featured_media":1004478034,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21825,21752,1600,21742,10,21747],"tags":[],"class_list":["post-1004478010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-finance","category-mixed-use","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SL Green Lands Partner, Financing for Manhattan Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Lands Partner, Financing for Manhattan Project\" \/>\n<meta property=\"og:description\" content=\"The REIT closed on a $125 million construction loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-16T09:48:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-09-16T12:32:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/\",\"name\":\"SL Green Lands Partner, Financing for Manhattan Project - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg\",\"datePublished\":\"2020-09-16T09:48:24+00:00\",\"dateModified\":\"2020-09-16T12:32:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/One-Vanderbilt_View-from-Bryant-Park-1.jpg\",\"width\":800,\"height\":600,\"caption\":\"One Vanderbilt. Image courtesy of Kohn Pedersen Fox Associates\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-lands-partner-financing-for-manhattan-project\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SL Green Lands Partner, Financing for Manhattan Project\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. 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