Zeckendorf Development and Atlas Capital Group have secured a $1 billion loan to finance the project at 80 Clarkson Street, the New York Post reported.
The loan, which may be Manhattan’s largest residential construction loan since before the pandemic, was provided by London-based Cale Street Partners and San Francisco-based Farallon Capital Management. The financing was arranged by a Newmark team led by Jordan Roeschlaub.
According to the Atlas website, the planned two towers “will consist of over 100 luxury homes in two towers rising up to 450 feet offering dramatic river and city views from every room.”
The development site is situated between Houston and Clarkson streets on the West Side Highway. The units will boast open river and skyline views priced around $5,000 per square foot, beating the record for Tribeca’s 70 Vestry St. where condos have sold at $4,600 per square foot, according to the Post.
The developers bought the vacant 1.3-acre site from Westbrook Partners in February 2022, and secured an initial $322 million financing package from Blackstone to launch the project.
“The Zeckendorfs plan to replicate their uptown luxury standard,” a source told the Post in 2022.
The project will also include a 175-unit senior affordable housing building on the site.
The Post previously reported that Zeckendorf and Atlas Capital outbid Gary Barnett’s Extell, Steve Roth’s Vornado and Miki Naftali’s Naftali Group for the site.
Arthur Zeckendorf leads the Zeckendorf firm with his sons Artie Zeckendorf and brother William Lie Zeckendorf. Atlas was founded by Jeffrey A. Goldberger and Andrew B. Cohen.
Zeckendorf is known for building 15 Central Park West, also known as Limestone Jesus. The building has had high-profile tenants like Robert DeNiro and Denzel Washington. It went on the market late last year after a foreclosure action at $48 million on the retail units when the luxury market was slowing down.
— Christina Previte
This article has been updated to clarify the portion of 15 Central Park subject to a foreclosure action was the property’s retail units.
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