w York state Attorney General’s office approved the condo offering plan, which projects a total sellout of $391.9 million. Average asking prices will exceed $3,000 per square foot.
Several financial brokers who were not involved in the negotiations told TRD they expected El-Gamal to have a tough time locking in a loan of this magnitude. They noted that this will be Soho Properties first high-rise, and U.S. banks are being very selective about lending for new condo projects.
Some developers have relied heavily on China for debt. Bizzi Partners Development, Halpern Real Estate Ventures and Aronov Development, for example, secured debt, equity and mezzanine financing from Chinese lenders for their 100 Varick project in Soho. But just relying on Asian banks isn’t always enough, sources said.
This construction loan would not be the first round of funds for 45 Park, which secured $33 million in pre-construction financing from Madison Realty Capital in 2014.
El-Gamal found himself at the center of a controversy in 2010, when his plans for a 15-story Islamic center at 51 Park Place were dubbed by critics as the “Ground Zero mosque,” given its proximity to the World Trade Center site. He later scaled back the Islamic center plans and opted to build the condo tower at 45 Park Place.
Elsewhere in Manhattan, El-Gamal has been under contract to buy a Chelsea development site at 113-117 West 24th Street for $60 million for more than a year. Sources said the deal is expected to close in the coming months following environmental remediation on the site.
Damian Ghigliotty contributed reporting.
Tags: 45 park place, sharif el gamal, Soho Properties
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