/Alexandra Carstens Lim /
There is some really exciting news in from Larry Silverstein: his company Silverstein Properties has just announced it is proceeding with its project to build a 926 foot skyscraper at 30 Park Place in lower Manhattan. With a 185 room Four Seasons Hotel and 157 four Seasons branded private residences the property will be the tallest residential building in downtown Manhattan.
Financing for the $930 million project was provided by the UK based Children’s Investment Fund Management (UK) LLP, the California State Teachers Retirement Fund and Silverstein Properties Inc.
The development will also include a public plaza. Sharing a city block with the Woolworth Building, Cass Gilbert’s beloved 1913 skyscraper, and strategically located one block from the new World Trade Center – also developed by Larry Silverstein – the new tower will become a distinct landmark nestled among the city’s most recognizable skyscrapers.
“The day it opens, the Four Seasons Hotel New York Downtown will be the top hotel and apartment building in Lower Manhattan, ” said Larry A. Silverstein, President and CEO of Silverstein Properties, Inc. “It will join and enhance a world-class neighborhood that is already home to a dynamic blend of modern office towers, private residences, high-end retail and dazzling public spaces. Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.”
Martin Frass-Ehrfeld, Partner at the Children’s Investment Fund Management (UK) LLP said: “We are excited to provide financing to a pristine group of partners for what will be the highest quality hotel and residential building in downtown Manhattan. This project perfectly fits our investment strategy in New York city which includes other high end residential projects such as 432 Park Avenue and 737 Park Avenue.”
Robert A.M. Stern Architects is the architect for the building and is designing every aspect of the private residence floor plans and interiors. The Hotel will be operated by Four Seasons with interiors designed by Yabu Pushelberg, while the condominiums will be managed as Four Seasons Private Residences. SLCE Architects is the Architect-of-Record.
“Adding a second hotel to our existing iconic property in New York on 57th Street, will be a great addition to the portfolio of Four Seasons, ” said Scott Woroch, Executive Vice President Worldwide Development, Four Seasons Hotels and Resorts. “This complimentary property will cement our leadership position in this city and add another choice to discerning guests when travelling to this global destination.”
The hotel and residents’ lobby will be facing Barclays Street and Park Place respectively.
The new development replaces the 11 story Moody building which was demolished in 2008 and, according to Silverstein’ announcement, will both transform the downtown Manhattan landscape yet preserving its historical heritage at the same time. The land was purchased in 2007 but the project was put on hold with the financial crisis that then ensued. Indeed we cannot wait to see this long awaited project now proceed rapidly to completion – construction is starting this Fall and opening is scheduled for 2016.
Well done, Larry.