Hines, the privately owned real estate firm and sponsor to non-traded REITs and BDCs, recently announced that it has made several important closings regarding a piece of land next to the Museum of Modern Art (MoMA) in New York City.
In 2007, Hines purchased the land located 53 W 53rd Street, and now has closed two air-rights; one with MoMA and one with Saint Thomas Episcopal Church. The additional rights are required to build a residential tower, called 53W53, designed by Jean Nouvel with Thierry Despont interiors.
Hines is partnering with Goldman Sachs in a joint-venture agreement and the partnership has secured an $860 million construction loan led by United Overseas Bank Limited with participation from Maybank, OCBC Bank, and DBS Bank.
“More than a decade of planning has gone into setting the stage for this architectural masterpiece. The building’s singular elegance will be valued by future residents and treasured by New Yorkers and visitors as a new international design landmark,” said Hines Senior Managing Director, Tommy Craig.
The building, which is adjacent to MoMA and spans the width of the block from 53rd to 54th Streets, is now ready to commence construction. The 82-story tower climbs 1,050 feet and will include 140 high-end condominium residences. The building will also offer 28 service apartments and an array of luxury amenities. It will also include a 39,000 square-foot expansion of gallery and public space for MoMA on the lower floors.
Hines is one of the largest private real estate firms in the world with offices in 115 cities spanning 18 countries, and controlled assets of approximately $28.2 billion.