HFF arranges USD265m financing for luxury condominium development in Manhattan’s West Village

Holliday Fenoglio Fowler has secured USD265 million in financing for the development of 160 Leroy Street, a fully-entitled, 12-story, 49-unit luxury condominium building overlooking the Hudson River in Manhattan’s West Village.

Working on behalf of Ian Schrager Company in conjunction with Ares Management, Weinberg Properties and William Gottlieb Real Estate, HFF placed the construction loan with the Children’s Investment Fund Management (UK) LLP.
 
Designed by renowned Pritzker Prize-winning architecture firm Herzog & De Meuron, the property will feature a curvaceous glass exterior inspired by Brazilian architect Oscar Niemeyer. The 49 one-of-a-kind homes provide spacious floor plans with expansive views of The Freedom Tower, Hudson River, north to the George Washington Bridge and city views east. The property will have an arched entry with private landscaped courtyard and garden, designed by Madison Cox, which leads into the lobby designed with curving, specially-imported glass walls and fluted mahogany panels. Off the lobby will be a private 70-foot swimming pool and whirlpool spa with floor-to-ceiling glass. Other amenities include a recreation lounge with state-of-the-art kitchen for private events; kid’s clubhouse ideal for birthday parties; and gourmet take-out and delivery restaurant. The project’s below-grade space will feature a state-of-the art fitness centre with yoga room; sauna; steam room with changing rooms; and private massage room.
 
The amenity-rich units include wide-plank Larch wood floors imported from Scandinavia; 11- to 13-foot ceilings; floor-to-ceiling operable, triple-glazed and insulated windows sound rated to 40 decibels for 100-percent exterior noise reduction; custom designed bathrooms; blackened steel, double-sided, wood-burning fireplaces with floating hearths; and kitchens designed using Bulthaup’s state-of-the-art products. The social kitchen blends into the living area and is complemented by a chef’s kitchen outfitted for everyday use with features including a Miele-integrated coffee/espresso machine, steam oven and wine refrigerator. Due for completion in 2017, the property will span the entire block of West Street between Leroy and Clarkson Streets in the West Village.
 
HFF’s debt placement team was led by Michael Tepedino, Eric Anton, Christopher Peck and Geoff Goldstein.
 
“Just as Ian Schrager redefined Bond Street, he is now transforming the West Village waterfront with this latest venture. The irreplaceable location will soon be home to an iconic project with detail and finish that will bring luxury living to a new level,” says Anton.
 
“It was a privilege to work alongside this partnership in procuring a capital solution best suited to bring this project to life,” adds Peck.