NEW YORK — A joint venture comprised of Fisher Brothers, Steve Witkoff and New Valley LLC has received a $445 million construction loan for 111 Murray Street, a 58-story residential condominium project that is set to break ground in Manhattan’s Tribeca neighborhood this month.
The construction loan is from a group that consists of Blackstone Real Estate Debt Strategies, M&T Bank and Deutsche Bank.
According to the Wall Street Journal, the total cost of the condo development is $820 million.
The project, which is expected to be completed in 2018, will stand nearly 800 feet tall. The flared-glass tower by architecture firm Kohn Pedersen Fox will house 157 residences designed by David Mann and include 20,000 square feet of amenity spaces designed by David Rockwell. Edmund Hollander will design both a private garden for residents and an adjacent 10,000-square-foot landscaped plaza.
According to the Wall Street Journal, the development group has already demolished the St. John’s University building previously found on the site. The group purchased the site in 2013 for $223 million.
The 157 units range from one-bedrooms to full-floor penthouses. The amenities will include two pools, a steam room, private dining room and the garden featuring a 15-foot water sculpture.
Media reports say that the units are selling from $2 million to more than $17.5 million, and several contracts have already been signed.
Founded in 1915, Fisher Brothers is a family-owned real estate company that develops, owns and manages properties. The company has developed exclusive residences such as Imperial House and Park V and is currently developing and managing residential properties in Washington and New York. Fisher Brothers built, owns and operates a commercial real estate portfolio encompassing more than 7 million square feet of Class A office space.
Witkoff is a privately held, global real estate development and investment firm headquartered in New York. Founded in 1997, the firm owns and develops residential, hospitality, office, retail and mixed-use projects in major cities internationally.
New Valley LLC is the real estate subsidiary of Vector Group Ltd. and maintains equity positions in a portfolio of real estate projects in the United States, the Caribbean and Europe.
— Scott Reid