45 Park Place rendering/Soho Properties
Soho Properties Chairman and CEO Sharif El-Gamal recently announced the company’s securing of $219 million to put toward construction of a high-rise residential condo property in Tribeca.
“We are extremely honored to be working with such a diverse and influential group of international lenders to bring this remarkable contribution to the evolving skyscape of the new Downtown to life,” El-Gamal said in a statement. “Our vision for the neighborhood and location is validated by our lenders’ confidence in the market and enthusiastic support for 45 Park Place.”
Malayan Banking Berhad (Maybank) out of Malaysia and Kuwait-based Warba Bank are the lead arrangers of the $174 million senior construction loan. Intesa Sanpaolo of Italy acts as the Documentation Agent. The remaining $45 million to finance the mezzanine level is provided by MASIC, a Saudi Investment company.
45 Park Place, standing 43 floors, will hold 50 high-end condominium units. Michael Abboud of SOMA Architects is the lead designer, and Ismael Leyva Architects will act as the architect of record. The exterior will be comprised of glass and steel, keeping up with the ultramodern look of many luxury towers across the Manhattan skyline.
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Due to its positioning on the southern side of the Tribeca Historic District, the property offers striking views of Manhattan. Piero Lissoni is the designer for the interiors and amenity spaces.
45 Park Place is situated next to a future museum and public green space, designed by Pritzker Prize winner Jean Nouvel.
Amro Nahas, head of Real Estate Investments at MASIC, says investing in 45 Park Place is evidence to the joint stock company’s willingness to fund international real estate enterprises. The firm recently took part in the South Bank Tower in London, a 41-story tower that launched sales in 2010.
“We are also keen on investing in the United States, and find the real estate market very attractive and are determined to add more investments with trustworthy partners,” MASIC CEO Ihsan Bafakih said.
Construction is slated for summer of 2016, with the opening scheduled for 2018. Stribling Marketing Associates will exclusively represent 45 Park Place for both sales and marketing.
