After ten years of trying, developer Hines has finally pinned down all the moving parts necessary to build their 1,050-foot-tall tower at 53 West 53rd Street. The so-called MoMA Toweralso known as Tower Verre, a moniker which, unlike the building, may not be moving aheadwas finally resuscitated with Hines' acquisition of 240,000-square-feet of air rights from the neighboring Museum of Modern Art and St. Thomas Episcopal Church, for which the development company paid $85.3 million, The Real Deal reports.
The project got a huge boost about a year ago when Hines, along with development partner Goldman Sachs, secured $1 billion in financing for the project from a bevy of Asian banks as well as the billionaire Kwee family of Singapore. The 82-story, 145-apartment tower is designed by Pritzker Prize-winning starchitect Jean Nouvel. Floors two through five will become absorbed by MoMA as part of their ferocious expansion plan. The Real Deal reports that construction is expected to commence shortly, and a sales office for the building is expected to open early next year.
· $85M air rights purchase pushes stalled MoMa tower ahead [TRD]
· All 53 West 53rd Street / Tower Verre coverage [Curbed]