NEW YORK CITY-The Pontiac Land Group of Singapore has joined Hines and Goldman Sachs Real Estate Principal Investment Area in the ownership of the to-be-built residential condo project adjacent to the Museum of Modern Art.

Hines reported the addition of Pontiac Land Group to the ownership and stated that in addition to its equity investment, Pontiac Land secured $860 million of construction financing from a consortium of Asian banks for the 72-story, 750,000-square-foot tower to be built at 53 W. 53rd St. The building, which will break ground in mid-2014, will feature 145 luxury condominium units. CBRE's vice chairmen Darcy Stacom and Bill Shanahan represented Pontiac in the deal.

Hines and Goldman Sachs acquired the 18,000-square-foot site, located between 53rd and 54th streets, for $125 million from the museum in 2007.

"We are delighted to partner with Hines and Goldman Sachs on this landmark project. We have long admired the Museum of Modern Art's contribution to the city and the world, and we are pleased that this project will expand their galleries and enhance the visitor experience," says Kwee Liong Tek, director of Pontiac Land Group.