NEW YORK | 125 Greenwich Street | 912 FT | 70 FLOORS - Page 18

chris08876 · #**341** Posted **Oct 30, 2014, 12:49 AM**

Shvo secures $40M from Indian billionaire for 125 Greenwich

Quote:

Indian billionaire Dilip Shanghvi, founder of global pharmaceutical firm Sun Pharma, invested $40 million in Michael Shvo and Bizzi & Partners’ 77-story condominium project at 125 Greenwich Street in the Financial District, Real Estate Weekly reported.

Howard Michaels’ Carlton Group brokered the debt and equity financing for the project. Shvo partnered with a wide range of investors to raise $240 million in funds, and closed on the site in August, as The Real Deal reported.

A partnership of Fisher Brothers and the Witkoff Group sold the site to Shvo for $185 million. Howard Lorber’s investment company New Valley and an unidentified Chinese public company provided some equity, while a Singapore bank along with an Indian private equity firm provided $170 million in debt financing.

Of the 128 proposed condo units, 10 will be full-floor penthouses. The top unit is slated to be a 10,600-square-foot duplex, as previously reported.

=============================
October 29, 2014
http://therealdeal.com/blog/2014/10/....8wZapmXy.dpuf

JR Ewing · #**342** Posted **Oct 30, 2014, 12:56 AM**

$40m is a drop in the bucket. Why are they even reporting this?

chris08876 · #**343** Posted **Oct 30, 2014, 1:01 AM**

^^^

It starts to add up when you consider all of the potential investors. Plus, its a good sign that this project is being shown some interest in. 40 million, the next day it could be even more. News like this shows that Shvo is financing this according to his plan, and that it works. International investment will make this tower happen.

NYguy · #**344** Posted **Oct 30, 2014, 12:01 PM**

Quote:

Originally Posted by chris08876

International investment will make this tower happen.

That's pretty much what's been happening with all of the tall residential towers in the city, so this will fall right in line.

Crawford · #**345** Posted **Oct 30, 2014, 12:21 PM**

Quote:

Originally Posted by JR Ewing

$40m is a drop in the bucket. Why are they even reporting this?

This is development financing, which you use to start the development process, and is pretty much required for this stage. You don't get the full construction financing until you're well under construction.

And it's $240 million, not $40 million. This tower will likely be rising shortly (early next year?).

JR Ewing · #**346** Posted **Oct 30, 2014, 12:31 PM**

$240m makes sense -- $40m did not.

miesian · #**347** Posted **Oct 30, 2014, 2:08 PM**

Quote:

Originally Posted by chris08876

Shvo secures $40M from Indian billionaire for 125 Greenwich

=============================
October 29, 2014
http://therealdeal.com/blog/2014/10/....8wZapmXy.dpuf

Shangvi looks like he thinks he made a good deal, Shvo looks confused

mistermetAJ · #**348** Posted **Oct 30, 2014, 2:39 PM**

Quote:

Originally Posted by chris08876

Shvo secures $40M from Indian billionaire for 125 Greenwich

=============================
October 29, 2014
http://therealdeal.com/blog/2014/10/....8wZapmXy.dpuf

Is that an official rendering? If so, it's the lamest iteration yet.

Crawford · #**349** Posted **Oct 30, 2014, 2:43 PM**

Quote:

Originally Posted by JR Ewing

$240m makes sense -- $40m did not.

I think the Indian billionaire's share is only $40 million, but the overall equity share is $240 million.

In NYC, construction financing is usually done during construction, or at least post-groundbreaking. Durst's 625 W. 57 (the "pyramid" building) will be topped out relatively shortly, yet just received construction financing this week.

hunser · #**350** Posted **Oct 30, 2014, 5:40 PM**

Quote:

Originally Posted by mistermetAJ

Is that an official rendering? If so, it's the lamest iteration yet.

More like a placeholder. The final design will look different, although don't expect anything flashy since Viñoly is the architect.

aquablue · #**351** Posted **Oct 30, 2014, 8:03 PM**

Quote:

Originally Posted by hunser

More like a placeholder. The final design will look different, although don't expect anything flashy since Viñoly is the architect.

That curved mirror in London is pretty 'flashy' if you ask me. Vinoly is capable of some crazy schitte.

JR Ewing · #**352** Posted **Oct 31, 2014, 12:51 AM**

Quote:

Originally Posted by hunser

More like a placeholder. The final design will look different, although don't expect anything flashy since Viñoly is the architect.

I think that this is the final design.

Rail>Auto · #**353** Posted **Oct 31, 2014, 1:16 AM**

It definitely needs to be something that compliments Freedom Tower. Would love to have a twin building skyline back.

Onn · #**354** Posted **Oct 31, 2014, 2:09 AM**

Quote:

Originally Posted by JR Ewing

$40m is a drop in the bucket. Why are they even reporting this?

$40 million is actually a substantial amount of money. It's a starting point, which in New York's terms pretty much means there's more money coming. Other investors will follow to fund the rest of the building. Although only a fraction of the costs, the money certainly gives the project legitimacy.

NYguy · #**355** Posted **Oct 31, 2014, 2:14 AM**

I don't see what the complaint is about. If there were no reports of any investment or further development of the site, some would be saying it was "stalled".

Relax people.

Onn · #**356** Posted **Oct 31, 2014, 2:19 AM**

Quote:

Originally Posted by NYguy

I don't see what the complaint is about. If there were no reports of any investment or further development of the site, some would be saying it was "stalled".

Relax people.

Its easy to see this project being funded in this real estate environment, I'd give it a pretty good chance. Shvo seems to be moving quickly compared to some of the others with their supertall projects.

NYguy · #**357** Posted **Nov 1, 2014, 8:29 PM**

Quote:

Originally Posted by Onn

Shvo seems to be moving quickly compared to some of the others with their supertall projects.

I don't know about that. Just because something isn't in the news doesn't mean there is nothing going on with the project.

But this tower was already moving forward to construction before Shvo came on. It's basically getting a redesign with increased ceiling heights by Vinoly, though the renders shown aren't the current design...

http://www.yimbynews.com/2014/09/rev...de-center.html

Onn · #**358** Posted **Nov 1, 2014, 11:34 PM**

Quote:

Originally Posted by NYguy

But this tower was already moving forward to construction before Shvo came on. It's basically getting a redesign with increased ceiling heights by Vinoly, though the renders shown aren't the current design...

Good point, that's true. I forgot about that. You get so lost in the 1,300+ feet aspect you think its a completely new tower. The one good thing is location (being that its a pretty premier spot in lower Manhattan) something nice and tall will be built there eventually.

Perklol · #**359** Posted **Nov 2, 2014, 1:18 AM**

This will be another landmark in Downtown Manhattan.

NYguy · #**360** Posted **Nov 28, 2014, 8:50 PM**

Taken from www.cityrealty.com

Another idea of how a tower of this scale fits in with the skyline...