$660M secured for luxury towers in New York

WCN Editorial Team 9 Jan 2017 NORTH AMERICA BUILDINGS

JDS Development Group has obtained $660M in financing for the American Copper Buildings at 626 First Avenue in Manhattan, New York.

The project secured a $500M senior loan from AIG along with a $160M mezzanine loan from Apollo Global Management and SL Green. The interest-only loan has a three-year term and has been achieved by JLL’s Capital Markets on behalf of JDS.

The residential buildings — East and West towers — have been designed by ShoP Architects and will have 41 and 48 stories, respectively. They feature 601 market rate units and 160 affordable units, as well as 1,250 sq m of ground floor retail space.

The units are equipped with stone countertops, stainless steel appliances, custom wood cabinetry, built-in speakers, hardwood floors, urban mud rooms, washers and dryers.

The towers will be linked by a sky bridge and will feature a range of amenities, including a rooftop infinity pool on the East tower, a 294-spot parking garage, and a two-storey fitness centre.

JLL’s managing director Aaron Appel said: "Due to the building's 421-a tax abatement designation, the owners were able to build the towers in what would otherwise have been a prohibitive funding environment. There is really no comparable product in the city, which made this a highly sought-after lending opportunity."

* Data provided by Timetric's Construction Intelligence Center.

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