May 15 (Bloomberg) -- Developer Larry Silverstein said he plans to start building an 82-story hotel-and-condominium tower a block north of the World Trade Center site in lower Manhattan late this year, after getting a $660 million loan.
The 926-foot (282-meter) tower, to be the tallest residential structure downtown, will house a 185-room Four Seasons hotel and 157 Four Seasons-branded luxury residences, Silverstein Properties Inc. said today in an e-mailed statement. London-based Children’s Investment Fund Management (UK) LLP is providing the loan for the $950 million project.
“The Four Seasons Hotel New York Downtown will be the top hotel and apartment building in lower Manhattan,” Silverstein said in the statement. “Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.”
The financing agreement revives a project Silverstein had to put on hold after the 2008 financial crisis froze credit worldwide. He acquired the property at 99 Church St. in partnership with California State Teachers’ Retirement System in 2007 from Moody’s Corp. for $170 million, and later tore down a building that had been the Moody’s headquarters. Silverstein is now calling the site 30 Park Place.
Many of New York’s tallest new skyscrapers are condo towers. Extell Development Co. expects to open its 1,004-foot One57 condo project on West 57th Street, across from Carnegie Hall, later this year. Plans for 432 Park Ave., which Harry Macklowe and CIM Group are building, call for it to top out at 1,397 feet.
Children’s Investment Fund also helped finance 432 Park, fund partner Martin Frass-Ehrfeld said in today’s statement. He called Silverstein and his co-investors “a pristine group of partners” and said 30 Park Place “perfectly fits our investment strategy,” which also includes financing 737 Park Ave., which Macklowe bought in 2011 and is converting to condos.
The 30 Park Place property is on the same city block as the Cass Gilbert-designed Woolworth Building, which was the world’s tallest skyscraper when completed in 1913. Silverstein is planning a limestone tower with setback terraces, designed by the firm of Robert A.M. Stern, dean of the Yale School of Architecture.
Silverstein is close to completing 4 World Trade Center, one of three towers he has the right to build on the 16-acre (6.5-hectare) site to the south. He leased the twin towers for 99 years six weeks before they were destroyed in the 2001 terrorist attacks.
One World Trade Center -- being built by the Port Authority of New York & New Jersey, the site’s owner, in partnership with developer Douglas Durst -- topped out last week at 1,776 feet, making it the tallest building in the western hemisphere.
To contact the reporter on this story: David M. Levitt in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Kara Wetzel at email@example.com