Ben Shaoul’s Magnum Real Estate has closed on a $360 million loan to complete the conversion of Manhattan’s Verizon office building located at into luxury condominiums, the Mortgage Observer reported. The project is being developed in partnership with the Los Angeles based CIM Group.
The financing for the three year loan came from New York-based iStar Financial and Stamford-based H/2 Capital.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at email@example.com.
The new building will be called 100 Barclay Street and is located at the corner of Vesey Street about a block from 1 World Trade Center.
When complete, 100 Barclay will have 166 luxury condominiums spread out over the uppermost 22 floors of the 31 story tower. Once of the two duplex penthouses there has been listed for more than $100 million. The starting price for one of the units, which will range from two, three, four and five bedrooms, will be $2 million.
Verizon will continue to have offices there on its first ten floors.