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Silverstein to Start 82-Story Manhattan Tower in Late ?13

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May 20, 2013

Silverstein to Start 82-Story Manhattan Tower in Late ?13

Developer Larry Silverstein said he plans to start building an 82-story hotel-and-condominium tower a block north of the World Trade Center site in lower?Manhattan?late this year, after getting a $660 million loan.

The 926-foot (282-meter) tower, to be the tallest residential structure downtown, will house a 185-room Four Seasons hotel and 157 Four Seasons-branded luxury residences, Silverstein Properties Inc. said today in an e-mailed statement. London-based Children?s Investment Fund Management (UK) LLP is providing the loan for the $950 million project.

?The Four Seasons Hotel New York Downtown will be the top hotel and apartment building in lower Manhattan,? Silverstein said in the statement. ?Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.?

The financing agreement revives a project Silverstein had to put on hold after the 2008 financial crisis froze credit worldwide. He acquired the property at 99 Church St. in partnership with California State Teachers? Retirement System in 2007 from Moody?s Corp. for $170 million, and later tore down a building that had been the Moody?s headquarters. Silverstein is now calling the site 30 Park Place.

Many of New York?s tallest new skyscrapers are condo towers. Extell Development Co. expects to open its 1,004-foot One57 condo project on West 57th Street, across from Carnegie Hall, later this year. Plans for 432 Park Ave., which?Harry Macklowe?and CIM Group are building, call for it to top out at 1,397 feet.

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Source: David M. Levitt (2013). Silverstein to Start 82-Story Manhattan Tower in Late ?13, Bloomberg?http://www.bloomberg.com/news/2013-05-15/silverstein-to-start-82-story-manhattan-tower-in-late-13.html published May 16, 2013. Viewed May 20, 2013,

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