11 Hoyt in Downtown Brooklyn Closes on $380M Construction Loan
Units in Tishman Speyer’s luxury condominium with its architecturally distinctive, angled windows will go on sale this summer.
NEW YORK CITY—Tishman Speyer closed on a $380 million loan provided by JPMorgan Chase for a luxury, residential condominium tower at 11 Hoyt St. in downtown Brooklyn.
“Completing the financing marks another major milestone for our first ground-up condominium project in New York and we look forward to launching sales this summer,” says Rob Speyer, CEO of Tishman Speyer. Construction is scheduled to begin immediately with apartments ready for move-ins by mid-2020.
The 51-story development will be located between Livingston and Fulton streets. It will include over 480 luxury apartments, with more than 190 different floor plans and 55,000-square-feet of indoor and outdoor amenity space.
The project is designed by the architecture firm Studio Gang, under the direction of architect and MacArthur Fellow, Jeanne Gang, It is the firm’s first residential project in New York City. London-based firm Michaelis Boyd Associates has been hired for interior design and the New York-based firm Hollander Design will handle the landscape design. Corcoran Sunshine Marketing Group is managing the property’s sales and marketing.