New York developer Ian Bruce Eichner has secured $420 million in financing for his 800-foot condominium tower at 45 East 22nd Street, giving the glassy tower the funding needed for completion.
The commitments include more than $340 million from a Goldman Sachs Group debt fund and an additional $80 million in preferred equity from Dune Real Estate Partners and Fortress Investment Group, the Wall Street Journal reported.
The 83-unit cantilevering tower is to stretch 60 stories and total over 372,000 square feet, according to previous reports. The units on offer will range from one- to four-bedrooms, the prices of which have not yet been disclosed.
Demolition of the site’s previous occupant was completed in July, and the new structure is slated for completion in 2016. [WSJ] — Julie Strickland