NEW YORK CITY-Real estate finance and brokerage firm the Singer & Bassuk Organization reportedly has brokered a $450-million construction loan for World Wide Group's luxury condominium development at 250-252 East 57th St. Hunton & Williams attorneys Laurie Grasso and Carl Schwartz represented World Wide.
The construction financing provided by Starwood Property Trust is a four-year loan with an extension option and covers 93 condo units, 173 rental apartments as well as 33,000 square feet of retail space, says Andrew Singer, chairman and CEO of the Singer & Bassuk Organization. The loan also covers the Whole Foods Market store built on the site in 2010, according to the Commercial Observer.
Construction on the approximately 715-foot tower began earlier this year and is due for completion in the next 30 months. The 65-story tower will feature a total of 266 residential units. The Whole Foods store and two new on-site schools for PS 59 and the High School of Art and Design opened in the fall of 2012. The Educational Construction Fund of New York City owns both school properties. See story in the Commercial Observer.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
