NEW YORK CITY—Hines, the international real estate firm, has made a major announcement concerning its prime parcel of land adjacent to the Museum of Modern Art. Hines acquired the land in 2007 and has closed on the purchases of additional air rights necessary to build 53W53, a striking for-sale residential tower designed by Jean Nouvel with interiors by Thierry Despont. A spokesman for the firm declined to reveal to the amount of air rights involved in the purchases.

There were two air-rights closings: one with MoMA and one with Saint Thomas Episcopal Church.  The project partnership also closed on an $860 million construction loan led by United Overseas Bank Limited with participation from three other Asian banks: Maybank; OCBC Bank; and DBS Bank. In addition, a guaranteed-maximum-price construction contract was finalized with Lend Lease.

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