Zeckendorf Draws Down $75M in Development Financing for 520 Park Avenue [Updated]
Cathy Cunningham April 5, 2017, 10:11 a.m.
Zeckendorf Development has drawn down $75 million for its development at 520 Park Avenue, according to property records.
The debt comprises a $50 million building loan and $25 million project loan, part of the $450 million construction loan The Children’s Investment Fund gave the developer in October 2014, as Commercial Observer first reported at the time.
Despite a slowdown in the upper echelon of condo sales, Children’s has not shied away from funding high-end condos. In 2015, the hedge fund lent $850 million against Related Companies and Oxford Properties Group’s resi tower at 15 Hudson Yards.
Robert A.M. Stern designed the 54-story luxury condominium tower, which has an alternate address of 41 East 60th Street and is located between Park and Madison Avenues.
From their description on the property’s website, the apartments don’t sound too shabby: “Every apartment is a city villa in the sky, floating above genteel Park Avenue, with classic views of Midtown to the south and the green landscaped Central Park to the north,” Paul Whalen, a partner at Robert A.M. Stern is quoted as saying.
No one affiliated with the Children’s Investment Fund was immediately reachable for comment.