PARTNERSHIP TO BREAK GROUND ON MASSIVE CONDO PROJECT IN 2014

NEW YORK CITY— Pontiac Land Group of Singapore has joined Hines and Goldman Sachs in the ownership of 53 W. 53rd Street, a 72-story residential condominium development adjacent to the Museum of Modern Art (MoMA) in New York City. In addition to its equity investment, Pontiac Land secured $860 million of construction financing to be funded by a consortium of Asian banks. The 750,000-square-foot tower, designed by Pritzker Prize-winning architect Jean Nouvel, will house 145 high-end condominium residences, designed by architect Thierry Despont. Additionally, the building’s lower floors will include 36,000 square feet of new exhibition spaces distributed over three floors, designed for MoMA by architects Diller Scofidio + Renfro. Hines and Goldman Sachs acquired the 18,000-square-foot site, located between 53rd and 54th streets just west of MoMA, for $125 million from the museum in 2007. Construction is slated to begin in mid-2014, with initial occupancy expected in late 2018.