Series of Closings Ready 53W53 in New York for Imminent… - Hines

Series of Closings Ready 53W53 in New York for Imminent Groundbreaking

(NEW YORK) – The New York office of Hines, the international real estate firm, made a major announcement today concerning its prime parcel of land adjacent to The Museum of Modern Art (MoMA).

Hines acquired the land in 2007 and, today, closed on the purchases of additional air rights necessary to build 53W53, a striking for-sale residential tower designed by Jean Nouvel with interiors by Thierry Despont.

There were two air-rights closings: one with MoMA and one with Saint Thomas Episcopal Church.

The project partnership also closed on an $860 million construction loan led by United Overseas Bank Limited with participation from three other Asian banks: Maybank; OCBC Bank; and DBS Bank. In addition, a guaranteed-maximum-price construction contract was finalized with Lend Lease.

Hines and project partner Goldman Sachs have entered into a joint venture agreement and equity partnership with Pontiac Land Group, a respected Singapore-based real estate developer and investor.

With the achievement of these milestones, the project is ready to commence construction. Corcoran Sunshine Marketing Group will handle marketing of the project, and a sales gallery will open on Fifth Avenue in early 2015.

53W53 is located adjacent to MoMA and spans the width of the block— from 53rd to 54th Streets. The 1,050-foot-tall, 82-story tower will comprise 140 highest-end condominium residences plus 28 service apartments and offer an extensive palette of luxury amenities. The new tower will also include, and rise above, a 39,000-square-foot expansion of gallery and public space for The Museum of Modern Art on lower floors.

“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,” commented Hines Senior Managing Director Tommy Craig.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of quality real estate. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the most respected real estate organizations in the world. Visit www.hines.com for more information.

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