In what is expected to one of the most unusual structures to grace the New York City skyline, the Durst organization secured $411 million in funding for its pyramid building, according to Real Estate Weekly. Wells Fargo, PNC Bank, M&T Bank and TD Bank were all involved in the deal. The loan has a 4 year term with a one-year extension option.
The 450 foot superstructure is in its final phase of construction, and will begin renting its retail and residential units in 2015. The building, which will be shaped like a large pyramid, but seems to change appearances at different angles, contains 55, 000 square feet of retail space and 141 residential units. There were plenty of skeptics that said the building could not be built. Jonathan (Jody) Durst said, “The naysayers said it was too complex and that the trades could never get the job done. We knew better. Despite its complex and unique form, we had faith in our design team and knew that New York construction trades were up to the task. And for their hard work and professionalism, we are profoundly grateful.”