SOURCE: Time Equities, Inc.
NEW YORK, NY--(Marketwired - Aug 28, 2013) - In yet the latest sign of strength in the Lower Manhattan real estate market, Time Equities announced today that it has secured construction financing for 50 West Street -- a new 63-story, mixed-use retail & residential condominium tower.
Time Equities has owned the site since 1983. It had planned to commence construction on the project in 2008. The project was placed on hold, however, in light of the financial crisis. Five years later, and after substantial interior redesign efforts -- which included eliminating the planned hotel component -- the developer is set to move forward with project.
"Lower Manhattan has, and will continue to outperform expectations," said Francis Greenburger, Chairman of Time Equities, "and given all that is happening in Lower Manhattan right now, we see demand for high quality condos in the neighborhood continuing to grow in the years ahead."
Time Equities raised a total of $398 million in financing for the project. Elliott Management, a global investment fund led by Paul Singer, with more than $21 billion under management and headquartered in New York City, has joint ventured with Time Equities and will be investing $110 million. Cushman Wakefield, led by Dave Karson, arranged the joint venture between Time Equities and Elliott.
In addition, PNC Bank led a $288 million construction loan syndication effort. The lending group also includes Wells Fargo, M&T Bank, Union Bank, MidFirst Bank and Emigrant Bank. Time Equities arranged the construction financing directly with PNC Bank.
Tim Mackey, the Elliott Portfolio Manager responsible for direct commercial real estate investment in the Americas noted, "Elliott is pleased to work with Francis Greenburger and the top-notch development team assembled by Time Equities to deliver 50 West Street."
Construction is anticipated to begin this fall with completion planned for 2016.
"50 West Street will be an iconic tower for the City and a legacy project for Time Equities," said Mr. Greenburger. "It will join the World Trade Center in defining the new Downtown skyline for generations to come."
In addition to architect Helmut Jahn -- designer of the tower's façade -- Time Equities commissioned the renowned interior designer, Thomas Juul Hansen for the project. The developer also retained the Albanese Organization to serve as development manager, Hunter Roberts as construction manager, and SLCE as executive architect.
50 West Street is located between West and Washington Streets, just south of Rector Street. The site will feature a public pedestrian walk-way which will connect West and Washington Streets. This public walk-way is also being designed to integrate with the City's planned West Thames Pedestrian Bridge, which will provide pedestrians with easy access over West Street, to and from Battery Park City.
Time Equities is targeting a LEED Silver certification for the project. The developer has also taken great efforts to ensure compliance with the latest storm protection measures and FEMA guidelines, including a raised ground floor elevation, relocated mechanical equipment, and a natural gas powered emergency generator on the 4th floor.
"We are excited to commence construction on 50 West Street this fall," says Robert Singer, Project Director for Time Equities. "The neighborhood is developing rapidly -- and our site provides incredible access to Battery Park City, Wall Street, waterfront parks, high-quality public schools, and subways."
About Time Equities, Inc.
Founded in 1966, privately-held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years. With properties in 25 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 22.1 million square feet of residential, industrial, office and retail property. For more information, please visit www.timeequities.com.