Post-Tropical Storm Sandy
It all started innocently enough: a single building with a fancy design, a couple of apartments in the $90-plus million range, a few billionaires looking to park their money in New York luxury real estate…
But several buildings (and tens of millions of dollars worth of apartments) later, one has to wonder whether the strip of über-luxury condominium development on 57th Street—nicknamed “Billionaire’s Row”—has finally run its course.
In the face of one of the worst natural disasters in the city’s history, commercial real estate landlords braced for Hurricane Sandy, employing every measure possible to hold property damage to a minimum and keep tenants safe.
But not even prophetic foresight could have allowed the city’s landlords—or New York City as a whole—to prevent much of the destruction that the mammoth storm wreaked across the five boroughs.
The road to recovery, especially in low-lying coastal areas like Staten Island, Coney Island and the Rockaways, will take months, if not years. Lower Manhattan went dark for days, with many companies largely shutting down due to power outages and salt water flooding, which is especially corrosive to mechanical equipment.
“It’s—It’s—It’s just a mess,” said Jordan Barowitz, a spokesman for the Durst Organization, who struggled to find words to describe the destruction in Lower Manhattan.
Extell closed on a $700 million construction loan from a tier one lender syndicate led by Bank of America and consisting of funds from Bank of America, Banco Santander S.A., Abu Dhabi International Bank, Capital One and the Bank of Nova Scotia for its massive mixed-use development at 157 West 57th Street.
Bank of America will act as administrative agent for the mammoth tower, known simply as One57, that is currently rising between Sixth and Seventh avenues, across the street from Carnegie Hall. Extell has had the site for years, said a spokesperson, but construction on the hulking residential asset only began this summer.