Citibank is close to funding the conversion of the Kingsbridge Armory in the Bronx.
The bank is in “advanced talks” to finance the project that would create the world’s largest ice-skating complex, Crain’s New York reported. The deal would allow construction to commence on the $350 million redevelopment, which has been stalled.
The city, which owns the armory, has refused to give Kingsbridge National Ice Center a lease until financing is secured, the report said. Kevin Parker, who is developing the project with former New York Rangers star Mark Messier, told Crain’s the group would close on the construction loan in the coming weeks — and work would begin in the middle of next year.
Parker said the development group had raised more than $35 million to pay for the remainder of the first phase, the cost of which will likely exceed $170 million. Earlier this year, Governor Andrew Cuomo pledged a $138 million loan guarantee, which would help the project secure long-term financing after the first phase is complete, the report said.
The plan for the Kingsbridge National Ice Center includes a 750,000-square-foot complex with nine ice rinks and an arena. [Crain’s] — Meenal Vamburkar