New York real estate developer Bruce Eichner has secured $420 million in financing for a new luxury Manhattan condominium tower, according to The Wall Street Journal.
The new financing now leaves the project fully funded. $340 million of the money is being provided by a Goldman Sachs debt fund and the other $80 million is coming from Dune Real Estate Partners and Fortress Investment Group in preferred equity.
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The 800 foot glass tower will be located at 45 East 22nd Street at Madison Square Park and have 60 stories. It will only have 83 units will range from one to four-bedrooms. The building will total 372, 000 square feet in space.
The floor plate of the cantilever building will actually expand as the higher floors. While most of it is 75 feet wide the top floors will stretch another 17 feet above the neighboring building.
There will be a 7, 000 square foot duplex penthouse on the 64th and 65th floors which has been listed at $42.5 million and its top floor will be 125 feet wide. From the 55th floor and up every unt will take up an entire floor.
The tower is schedule for completion some time in 2016. Corcoran Sunshine Marketing Group is handling the building’s sales which are expected to begin by the end of October.