The Moinian Group has received $539 million in additional financing for construction of 605 West 42nd Street, its 60-story residential tower at in Manhattan's Midtown West.
Bank of China and Ullico have agreed to a deal to provide the bond financing through the New York State Housing Finance Agency for the 1.16 million-square-foot tower at the northwest corner of West 42nd Street and 11th Avenue.
SL Green will be participating as an investor in the project, Moinian also said in a statement released today. The building, near Moinian's 478-unit Atelier condominium tower completed in 2007, is the largest residential rental development now under construction in Manhattan.
Tishman Construction is building the new tower slated for completion in 2015. It will include 939 market-rate apartments and 235 apartments tabbed as affordable housing. The base of the building will be comprised of about 20,000 square feet of ground floor retail space with 200 feet of frontage on 11th Avenue and parking garage spaces.
Moinian’s pipeline on Manhattan’s West Side along 11th Avenue now totals 4 million square feet.
"The Moinian Group has always believed that the West Side would be a sought-after area, so we pioneered this neighborhood in anticipation of that demand and now we're seeing those efforts come to fruition," said Mitchell Moinian, senior vice president of The Moinian Group.