finances are set and constructionis again underway:
Big condo tower gets $350M funding
Financial package assembled by Bank of America, M&T Bank and others is one of the biggest since the market for condominiums began to revive last year.
By Daniel Geiger @dangeiger79
January 9, 2013 1:17 p.m..
Bank of America and a group of other lenders, including M&T Bank, have closed on a $350 million package of financing for a planned 60-story residential condominium at 56 Leonard St. in TriBeCa, sources familiar with the deal say.
It is one of the largest construction loans to be awarded since the condo industry began to stir to life last year after several years of dormancy following the Great Recession.
Bank of America has been an active lender to a growing pipeline of office, retail and residential development projects.
The North Carolina-based bank is in talks to provide part of a $200 million loan to the Related Companies to build a second phase to its Gateway retail center in Brooklyn's East New York section. The new wing of that project will be anchored by a Shop Rite grocery store.
At 56 Leonard Street the Texas-based development firm Hines is overseeing the project, which was designed by the Swiss architecture firm Herzog & de Meuron, which famously designed the so-called birds nest stadium for the Beijing Olympics, as well as the condo at 40 Bond St. in lower Manhattan, with its distinctive green-glass facade.
Executives involved in the deal could not be reached for comment.
Read more: http://www.crainsnewyork.com/article/20130109/REAL_ESTATE/130109915#ixzz2Ie22e1qS
With foundation construction now complete at 56 Leonard Street, final utility vault work is planned for the Leonard Street roadway, between Church and West Broadway. In order for Con Edison crews to install pre-cast concrete vaults, the roadway will be closed for the next two weekends, January 19th and 20th, and 26th and 27th, from 8 a.m. to 6 p.m. Saturday and 9 a.m. to 6 p.m. Sunday. Westbound motorists will be detoured to White Street, two blocks north.
The 56-story condominium tower, located on the large lot at the corner of Church Street, also is in the opening phase of superstructure erection. Contractor Lend Lease will install a tower crane at the site next month, with another Leonard Street full road closure expected the weekend of February 16th to complete the operation. More details will be posted here upon announcement.
The innovative new building, designed by the Swiss architectural firm Herzog and de Meuron, is expected to open in spring 2015, and will be among the tallest in Tribeca.