Developers Witkoff, Fisher Brothers and New Valley have closed on an equity partnership deal with a consortium of Asian investors for 111 Murray Street, a new luxury condo tower in Lower Manhattan.
The investors, led by Chinese insurance firm Kauyuan Taiping, contributed $125 million in equity investment to the project.
The deal was announced by Carlton Group Chairman Howard Michaels, who advised Witkoff on the deal.
According to Carlton, the funds will be used to repay a construction loan that the developers took out for the $800 million ground-up project.
The building, which stretches to 64 floors, is located in Tribeca, at the corner of West Street and Murray Street. The building stands at 792 feet, making it one of the tallest in the neighborhood. The current record is held by 30 Park Place, which Silverstein Properties describes as the “tallest residential tower to grace the downtown skyline.”
The building, which was designed by Kohn Pedersen Fox Associates, launched sales last June. Prices start at $2 million for one-bedrooms then ramps up to $17.5 million.