NEW YORK CITY—The Moinian Group has secured a $539 million loan with the New York State Housing Finance Agency—with credit enhancement from Bank of China and Ullico—for its 1.16 luxury residential rental tower at 605 W. 42nd St.,on the northwest corner of West 42nd Street and 11th Ave.
SL Green will be participating as an investor in the project. The new flagship building is currently the largest residential rental development in-construction in Manhattan, sitting adjacent to the 478-unit Atelier condominium tower that Moinian completed in 2007. Both buildings are part of the Moinian Group’s four million buildable square foot development pipeline on Manhattan’s West Side along 11th Avenue.
“605 West 42nd Street is going to be a shining example of a large-scale, out-of-the-ground residential development that realizes a bold vision—pushing the limits of luxury and convenience to create not only a living space, but a lifestyle,” says Joseph Moinian, CEO, the Moinian Group.
Upon completion, the multifamily building will offer studios, one-, and two-bedroom units to accommodate 939 market rate apartments and 235 permanently affordable apartments. Additionally, the tower will offer ultra-luxury penthouse units. The base of the building will be comprised of approximately 20,000 square feet of ground floor retail space with 200 feet of frontage on 11th avenue, parking garage spaces, and an expansive motor court drive.
The building also includes a grand lobby, lounges, public spaces, a restaurant featuring outdoor dining, and approximately 20,000 square feet of professionally landscaped terrace and deck space. Residents will enjoy incredible views of the Hudson River, Central Park, Times Square, and the Empire State Building, as well as the emerging Hudson Yards District. The new tower is slated for completion in 2015.