NEW YORK | 125 Greenwich Street | 912 FT | 70 FLOORS

[Jerseyviews]

Originally Posted by TechTalkGuy

Nice slender tower!

Pretty sure that rendering is the older version, the new one has trees at the top. I like the new look, but really want to see some better renderings.

[Vertical_Gotham]

Shvo, Witkoff look to get $800M in EB-5 funding Asian investors to finance 125 Greenwich, 1 Park Lane -
http://therealdeal.com/blog/2015/07/10/s...0m-in-eb-5-funding/#sthash.OH8GSI2D.dpuf

New York’s luxury condo developers are getting a fresh dose of Chinese cash, courtesy of the EB-5 program.

The U.S. Immigration Fund, which helps arrange financing through the popular visa program, is raising a total of $800 million in mezzanine financing for four major construction projects:

Michael Shvo’s, Bizzi + Partners and Howard Lorber’s 125 Greenwich Street as well as Witkoff’s 111 Murray Street, Marriott Edition Hotel Times Square and 1 Park Lane.

Two of the deals – 125 Greenwich and Times Square Edition – have closed, while the fund is currently raising capital for the two others, U.S. Immigration Fund president Nicholas Mastroianni told The Real Deal.

The fundraising highlights the growing importance of Asian capital in financing major construction projects in Manhattan.

A prime example is 125 Greenwich, for which Mastroianni just began raising $175 million through the EB-5 program. Last year, Howard Michaels’ Carlton Group arranged $240 million in equity and debt financing for the condo project, with the bulk coming from an Asian lender group led by Singapore’s United Overseas Bank. The deal also included a $40million investment from Indian pharmaceutical tycoon Dilip Shanghvi.

If the U.S. Immigration Fund manages to raise the planned $175 million, the bulk of the 77-story Financial District condo project will be bankrolled by Asian capital.

And 111 Murray in nearby Tribeca, developed by Fisher Bros., Witkoff and Howard Lorber, is also getting a fat chunk of cash from the far east. Mastroianni said he has raised $175 million in mezzanine funding for the project through the EB-5 program.

This comes on top of the $229 million in equity Chinese investment firm Taiping Asset Management pumped into the project. In total, the planned 58-story condo tower is getting more than $400 million in Chinese capital.

Mastroianni also said he has raised $200 million for Witkoff’s Marriott Edition Hotel Times Square at 701 Seventh Avenue, and is raisiing another $220 million for Witkoff’s 1 Park Lane, the planned 1,210-foot-tall condo tower at 36 Central Park South on the site of the Helmsley Park Lane Hotel.

Witkoff declined to comment. SHVO and Fisher Brothers did not respond to requests for comment on short notice.

The EB-5 deals are part of a wave of foreign capital funding New York’s luxury condo boom. As The Real Deal reported in May, many of the tallest condo projects are being financed primarily by overseas firms. The Bank of China, for example, lent Vornado more than $1 billion for its condo project at 220 Central Park South.

[NYguy]

The U.S. Immigration Fund, which helps arrange financing through the popular visa program, is raising a total of $800 million in mezzanine financing for four major construction projects:

Michael Shvo’s, Bizzi + Partners and Howard Lorber’s 125 Greenwich Street as well as Witkoff’s 111 Murray Street, Marriott Edition Hotel Times Square and 1 Park Lane.

Two of the deals – 125 Greenwich and Times Square Edition – have closed, while the fund is currently raising capital for the two others, U.S. Immigration Fund president Nicholas Mastroianni told The Real Deal.

The fundraising highlights the growing importance of Asian capital in financing major construction projects in Manhattan.

A prime example is 125 Greenwich, for which Mastroianni just began raising $175 million through the EB-5 program. Last year, Howard Michaels’ Carlton Group arranged $240 million in equity and debt financing for the condo project, with the bulk coming from an Asian lender group led by Singapore’s United Overseas Bank. The deal also included a $40million investment from Indian pharmaceutical tycoon Dilip Shanghvi.

If the U.S. Immigration Fund manages to raise the planned $175 million, the bulk of the 77-story Financial District condo project will be bankrolled by Asian capital.

The onslaught and most radical skyline change in nearly a century continues.

[JR Ewing]

As per Vector Group's May 1, 2015 SEC filing, the tower is 1,350' tall.

http://ir.vectorgroupltd.com/secfiling.cfm?filingid=59440-15-27&cik=59440


SPECTRE000

[Vertical_Gotham]

Nice find. 1,350' will be nice.

[Crawford]

Sounds good to me. Will have a tremendous impact upon the Lower Manhattan skyline.

[JR Ewing]

I agree, VG and Crawford.

This clearly is the Age of Ramses!

[chris08876]

Its good to know that the height is over 1300'. Before, with the confusion of the DOB diagrams and the suspense of Shvo, its reassuring to know that this will be the glassy 432 of Lower M.

Originally Posted by JR Ewing

I agree, VG and Crawford.

This clearly is the Age of Ramses!

It is JR. And I am honored to be a citizen in this era. The modern day 1920's all over again. Only difference is pop music is —, but other than that, its the roaring 20's all over again.

Some fine wine, some Frank Sinatra playing, a brunette by your side, with a view of the skyline, and thats a treat worthy of a king.

[hunser]

Originally Posted by chris08876

Its good to know that the height is over 1300'. Before, with the confusion of the DOB diagrams and the suspense of Shvo, its reassuring to know that this will be the glassy 432 of Lower M.



It is JR. And I am honored to be a citizen in this era. The modern day 1920's all over again. Only difference is pop music is —, but other than that, its the roaring 20's all over again.

Some fine wine, some Frank Sinatra playing, a brunette by your side, with a view of the skyline, and thats a treat worthy of a king.

And people dress —.

Great news about 125G!

[timpdx]

Originally Posted by hunser

And people dress —.

Great news about 125G!

I was going to add the same, people dress like — today, and don't forget the stylin' rides they had back in the day.

[The New York Lion]

Originally Posted by chris08876

Its good to know that the height is over 1300'. Before, with the confusion of the DOB diagrams and the suspense of Shvo, its reassuring to know that this will be the glassy 432 of Lower M.



It is JR. And I am honored to be a citizen in this era. The modern day 1920's all over again. Only difference is pop music is —, but other than that, its the roaring 20's all over again.

Some fine wine, some Frank Sinatra playing, a brunette by your side, with a view of the skyline, and thats a treat worthy of a king.

Agree with everything else, but gentlemen prefer blondes.

[Pete8680]

Ok soooooooo 1,200 foot-ish roof height with a 100 foot-ish spire/crown?

[NYguy]

July 26, 2015

[TechTalkGuy]

Just spectacular!

[drumz0rz]

That render looks about 300ft too short. Shouldn't it match the height of 1 WTC (minus the spire)

[TechTalkGuy]

There was a reduction in height on the new render, but the final height hasn't been determined yet.

Here is another render:

[TonyNYC]

Originally Posted by TechTalkGuy

Just spectacular!

AWESOME....125 Greenwich will balance out the downtown skyline nicely!!

[TechTalkGuy]

Hopefully the final height will be yet even taller.
That in itself makes sense since other foreign cities are building much taller, yet we get something they lack:

• Character
• Density
• Variety

[NYguy]

Originally Posted by TechTalkGuy

Hopefully the final height will be yet even taller.
That in itself makes sense since other foreign cities are building much taller, yet we get something they lack:

• Character
• Density
• Variety

No need to knock other places. Also, New York doesn't just build tall because other places build tall. New York has been building tall for a century. It builds tall when it makes sense to do so. In this case, sky-high condos are bringing in the dollars.

[TechTalkGuy]

Originally Posted by NYguy

No need to knock other places. Also, New York doesn't just build tall because other places build tall. New York has been building tall for a century. It builds tall when it makes sense to do so. In this case, sky-high condos are bringing in the dollars.

In most cases, I would agree.
But the trophy towers on Billionaire's Boulevard are being bought by international investors and most of the space will be empty investments.

Personally, it is my hope that all residential towers, like 125 Greenwich are occupied.