The Moinian Group announced that it has secured a $539 million loan with the New York State Housing Finance Agency, with credit enhancement from Bank of China and Ullico for its 1.16 million-square-foot luxury residential rental tower at the northwest corner of West 42nd Street and 11th Avenue.
Moinian also announced that SL Green will be participating as an investor in the project.
The new flagship building is currently the largest residential rental development in-construction in Manhattan, sitting adjacent to the 478-unit Atelier condominium tower that Moinian completed in 2007.
Both buildings are part of The Moinian Group’s four million buildable square foot development pipeline on Manhattan’s West Side along 11th Avenue.
“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,” said Joseph Moinian, The Moinian Group’s chief executive officer.
“We are gratified to partner with the finest financial institutions in the world as we move forward.”
Upon completion, 605 West 42nd Street will offer studios, one-, and two-bedroom units to accommodate 939 market rate apartments — some with outdoor balconies — and 235 permanently affordable apartments.
Additionally, the tower will offer ultra-luxury penthouse units. The base of the building will be comprised of approximately 20,000 s/f of ground floor retail space with 200 feet of frontage on 11th Avenue, parking garage spaces, and an expansive motor court drive.
The new tower will offer residents a 40,000 s/f public health club, complete with indoor and outdoor pools, spa services and other luxury amenities.
The building also includes a grand lobby, lounges, public spaces, a restaurant featuring outdoor dining, and approximately 20,000 s/f of professionally landscaped terrace and deck space all designed in collaboration with the Rockwell Group and Thomas Balsley Associates.
Residents will enjoy views of the Hudson River, Central Park, Times Square, and the Empire State Building, as well as the emerging Hudson Yards District.
Goldstein Hill & West Architects, LLC, designed the glass-façade building. Tishman Construction is building the new tower, which is slated for completion in 2015.
The Moinian Group will also begin construction on 3 Hudson Boulevard, a 1.8 million-square-foot, LEED Platinum tower in the heart of the Hudson Yards District.
In June, the firm secured a loan for an unspecified amount with AIG companies through its Commercial Mortgage Lending Group, for the land associated with 3 Hudson Boulevard.
Set to occupy the entire block between 11th Avenue and Hudson Boulevard Park from West 34th Street to West 35th Street,Avison Young’s tri-state president Arthur Mirante, who oversees the building’s leasing, told Real Estate Weekly recently that he has exchanged proposals and counter-proposals with a prospective tenant and hopes to have the lease signed soon for 600,000 s/f.
“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,” said Mitchell Moinian, senior vice president of The Moinian Group.