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Tower Verre May Be Revived With Financing From Asian Banks

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Just a few days ago, we learned that Gary Barnett was turning to Chinese banks to fund his next ultra-luxe condo tower, and now the Journal reports that another luxury skyscraper could also get a kick in the caboose from Asian banks. Developer Hines is reportedly in "advanced discussion" with the Kwee real estate family and a group of Singapore banks to revive plans for the tapering Tower Verre. The Kwee family, whose estimated wealth hovers somewhere around $4.6 billion, is considering a $300 million equity investment, while the United Overseas Bank and others would "make up to $800 million in construction loans."

The West 53rd Street tower, designed by starchitect Jean Nouvel, has been stuck in limbo for years. Hines unveiled the plans in 2007, and then in 2009, City Planning ordered the building to be chopped by 200 feet. New designs were approved, and the latest renderings were revealed last year?which, probably not-so coincidentally, is the same time Hines started hitting up the Kwee family for money.
· Hines in Talks With Singapore Group to Finance Manhattan Tower [WSJ]
· Tower Verre coverage [Curbed]

Tower Verre

53 West 53rd Street, New York, NY