Jean Nouvel-designed 53 W. 53rd Street to Break Ground in Mid 2014 Next To Manhattan's Museum of Modern Art
Pontiac Land Group, an international development firm controlled by the Kwee family of Singapore, has made an equity investment valued at a reported $300 million in the partnership backing the development of 53 W. 53rd Street, a 72-story residential condominium tower designed by Pritzker Prize-winning architect Jean Nouvel and planned for a site adjacent to the Museum of Modern Art (MoMA).
Pontiac has joined with Hines and the Goldman Sachs Real Estate Principal Investment Area in the ownership group behind the ambitious project. In addition to its equity investment, Pontiac Land has secured $860 million of construction financing for the tower from a consortium of Asian banks.
As planned, the 750,000-square-foot tower will house 145 exclusive condominium residences in what would become one of Manhattan's tallest skyscrapers. Approximately 36,000 square feet of space on three of the tower's lower floors have been set aside to provide new exhibition spaces for MoMA .
Hines and Goldman Sachs acquired the 18,000-square-foot development site between 53rd and 54th streets for $125 million from MOMA in 2007. In a release announcing the equity investment by Pontiac Land, Hines said the partnership has secured all discretionary approvals necessary to build the project and it expects construction to begin in mid 2014 with initial occupancy in late 2018.
Lend Lease has been selected as the general contractor and Corcoran Sunshine Marketing Group has been given the listing for the condo sales.
"We have long admired MoMA's contribution to the city and the world, and we are pleased that this project will expand their galleries and enhance the visitor experience," Kwee Liong Tek, director of Pontiac Land Group and an international art collector, commented in a statement announcing the equity investment.
Hines Chairman Gerald D. Hines said he believes the Jean Nouvel design will become an international icon and a favorite of New Yorkers and added he was especially happy to partner with Pontiac Land on its inaugural U.S. investment.