GID and Henley, a subsidiary of the Abu Dhabi Investment Authority, previously bought Waterline Square’s sites from Extell Development, which had already worked with the city to rezone them for a large-scale residential development. In addition to putting up more than $1 billion in equity, the developers have also sought $220 million in tax exempt bonds from the state. secured more than $1.2 billion in construction financing from a consortium of lenders for the project, which features a total of 1,132 residential units. In November, GID and development partner Henley Holding Co. When complete, the apartments will be part of a greater five-tower rental and condo complex, formerly known as Riverside Center. GID expects to be able to offer buyers a 20-year, 421a tax exemption, which it secured before a new law was enacted that prohibits condo owners in Manhattan from receiving the benefit. Sales launched Tuesday at the project, and units at the under-construction buildings off Riverside Drive between 59th and 61st Street will start at $2 million, according to the offering plan. The developer hopes to bring in $1.15 billion in sales for the 263 units, making it one of the most expensive condo developments to hit the market in the last year. GID Development Group is targeting a sellout north of $1 billion for its trio of glass condominium towers at the Waterline Square megaproject on the Far West Side, according to an offering plan accepted by the New York State Attorney General’s office on May 31.
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