The property is set to offer residents 360-degree views of the area. Also, it will feature 100 condominiums, ground floor retail space, and “one of the most thoughtfully designed and comprehensive amenity packages in the city,” said Newmark.
“We’re proud to have arranged this financing by bringing together two unique sources of capital,” Jonathan Firestone, co-president, global debt & structured finance, said in a statement.
Right now, Manhattan’s CRE market has been booming for the most part. Property sales in the city hit $2.4 billion in the three months through June, representing a 13 percent boost from the first quarter or 20 percent year-over-year, according to a report from Avison Young. Multifamily and mixed-use enjoyed gains from the number of sales in the second quarter compared to the first quarter (45 percent increase) and average cap rate (up 52 basis points). While average prices dropped eight percent, total dollar volume rose by 32 percent to $706 million.
In the past, Zeckendorf has worked on major NYC projects such as 520 Park Avenue, 15 Central Park West, and 18 Gramercy Park South. Newmark said that the real estate developer’s “gold standard for ultra-luxury condominiums has attracted captains of industry and distinguished celebrities, developing for performance instead of volume.”
Atlas has poured more than $4 billion across multiple real estate sectors in the U.S. including office, hotel, industrial, as well as residential and mixed-use. Its investments include 65 total properties, measuring more than 14 million square feet. The Baupost Group manages roughly $24 billion of assets and focuses on not only real estate but private equity and debt as well.
