The Zeckendorf brothers’ subsequent splashy rental venture simply bought a serious financing bundle from Blackstone.
A three way partnership comprised of Zeckendorf Development, Atlas Capital and the Baupost Group secured a $322 million mortgage from the funding big to amass a full-block website at 570 Washington Street, simply south of the West Village between Clarkson and Houston streets, for a $1.25 billion, two-tower luxurious growth.
Zeckendorf and Atlas struck a deal to purchase the 1.3-acre website off the West Side Highway from Westbrook Partners in February, reportedly beating out heavy hitters together with Miki Naftali, Gary Barnett’s Extell Development and Steven Roth’s Vornado Realty Trust.
Baupost Group’s involvement within the venture has not been beforehand reported. A Newmark staff led by Dustin Stolly and Jordan Roeschlaub organized the financing.
Cookfox Architects is finalizing designs for the towers, which can rise 450 toes subsequent to 550 Washington Street, the workplace constructing that Google acquired for $2.1 billion final yr.
Brothers Arthur and William Zeckendorf, the third technology of a Manhattan actual property dynasty, made a reputation for themselves in Midtown with rental initiatives at 15 Central Park West and 520 Park Avenue, that are house to a number of the metropolis’s priciest residences.
Atlas Capital, led by Jeffrey Goldberger and Andrew Cohen, spent half a billion {dollars} final yr to purchase the Denizen condo advanced in Williamsburg out of chapter from Yoel Goldman’s All Year Management.
Boston-based Baupost has been lively within the metropolis as nicely, most not too long ago promoting the American Copper Buildings in Murray Hill, which the agency co-owned with Michael Stern’s JDS Development, for roughly $850 million in December.
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Source: countryask.com