More FromSteve Cuozzo
A possible second coming of the luxury uptown condo tower nicknamed the “Limestone Jesus” got a $322 million blessing to rise on the West Village waterfront.
The 570 Washington Street joint-venture development team of Zeckendorf Development, Atlas Capital Group and The Baupost Group on Friday nailed down a $322 million financing package from Blackstone, which will kick-start the $1.25 billion-plus luxury residential project.
Realty Check first reported on the Zeckendorf-Atlas development plan on Feb. 7 (Baupost had not yet joined the team). There was some skepticism at the time that it would actually go forward, partly because although the developers had a contract to buy the land, the deal had not yet closed.
But it’s happening now – and there’s no turning back.
The Newmark duo of Dustin Stolly and Jordan Roeschlaub, who are co-heads of the Newmark Debt & Equity unit, arranged the joint venture among the trio and arranged the financing package.
The lead developer is Zeckendorf, which famously built the celebrity-filled condo tower at 15 Central Park West. It was nicknamed the “Limestone Jesus” for its sacrosanct reputation as the city’s best-selling luxury residence. Current and past residents include Goldman Sachs CEO Lloyd Blankfein, Robert De Niro, Denzel Washington and Alex Rodriguez.
The new downtown project won’t necessarily resemble it and might not even be limestone. But comparisons are inevitable.
It will have two towers rising to 450 feet overlooking the Hudson River on the 1.3-acre empty lot on the West Side Highway between Houston and Clarkson streets.
However, Robert A.M. Stern, who designed 15 CPW, does not appear to be involved at 570 Washington, where architectural firm COOKFOX is working on the design.
Michael Eglit, head of U.S. Originations for Blackstone Real Estate Debt Strategies, commented, “We are pleased to support the first stage of this development…. We look forward to the completion of this project and to our continued investment activity in New York City.”
ncG1vNJzZmimqaW8tMCNnKamZ2Jlf3N7j3BmamhfobausdKtpqedXZ%2BytMHSZpuerpWhvLGx0WaenqyjYoBzfsxmmaino6l6p7vRZqWym12dtqi0jKugrJ1f