Silverstein Secures Financing for 926-Foot Lower Manhattan Hotel, Condo
Silverstein Properties has secured financing for a 926-foot, 82-story Financial District tower at 30 Park Place that will house a Four Seasons hotel and condominium.
The Children’s Investment Fund Management provided financing for the $950 million project with a $660 million loan to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. 30 Park Place will be the tallest residential building in lower Manhattan.
The luxury hotel portion of the property will include 185 rooms. There will be 157 branded private residences. Robert A.M. Stern Architects will design “every aspect of the private residence floor plans and interiors.” Construction will begin this fall and the grand opening is tentatively scheduled for 2016. A source who wished to remain anonymous said that CalSTRS was partners with Silverstein when the firm purchased the building, the former Moodys headquarters, which is also known as 99 Church Street, and stayed involved.
“The day it opens, the Four Seasons Hotel New York Downtown will be the top hotel and apartment building in Lower Manhattan,” Larry A. Silverstein, president and CEO of Silverstein, said in a prepared statement. “It will join and enhance a world-class neighborhood that is already home to a dynamic blend of modern office towers, private residences, high-end retail and dazzling public spaces. Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.”
Corcoran Sunshine Marketing Group will be the marketing and sales agent of condos expected to to be listed next spring.
“Larry Silverstein is among the most influential people in the industry and his commitment to New York is unwavering,” Kelly Kennedy Mack, president of Corcoran Sunshine, said in a prepared statement. “He has singlehandedly transformed the downtown landscape, and the introduction of 30 Park Place is his most exciting upcoming contribution. The combination of the greatest hotel brand in the world and a Robert A.M. Stern design is a once in a lifetime opportunity.”
A Silverstein spokesperson said executives involved in the deal were unavailable for comment at press time.