Developer Francis Greenburger of Time Equities is made of patience. He has owned land at 50 West Street since 1983, and has held on to plans for the site through economic turmoil that took down many other developers. His patience is about to be rewarded. The Journal reports that Greenburger has finally received financing for his planned 50 West tower, designed by architect Helmut Jahn. The financing consists of a $400 million debt and equity deal. Construction will start this fall, and the building should actually exist as part of the skyline by sometime in 2016.
The building that's been planned for years was for a 65-story hotel-condo tower. Now the plan is for a 63-story tower minus that proposed hotel. Instead, the building will be mostly condos, and will also include retail, a restaurant, one floor of office space, and the usual luxury condo amenities?and "a city walkway traversing West Street will weave itself into the building's courtyard," the Journal explains. Not bad for a zombie.
· Developer Locates Financing for Long-Delayed Manhattan Residential Project [WSJ]
· Mapping Fidi's 17 Upcoming Residential Buildings [Curbed]
· 50 West Street coverage [Curbed]