Financial support has been acquired for the construction of a new Midtown development, putting verticality one step closer to reality. 611 West 56th Street will rise 35 floors above the far end of Midtown’s Billionaire’s Row. Just a block away from West 57th Street, the project is another step in the redevelopment of the long-forlorn area. It will join new buildings like Via at 625 West 57th Street, the rising towers of Waterline Square, and The Max, a nearly complete mega-development on the same block. Sumaida + Khurana and LENY are responsible for the development.
The firm purchased the site for $55 million last year, and have now secured a major loan to help fund construction, totaling $155 million, according to The Real Deal. Madison Realty Capital and an investment fund managed by an affiliate of Apollo Group Management are responsible for providing the loan. Adi Chugh of Maverick Capital Partners was responsible for arranging the financing.
The 440-foot tall tower is located on the former headquarters of the Gristedes Grocery chain. The project will yield over 172,000 square feet, and create 80 condominiums. Units will average 2,150 square feet apiece, which is unusually spacious for Manhattan. Portuguese architect Alvaro Siza is responsible for the design, with SLCE Architects serving as the architect of record.
Demolition of the existing structure is already well underway. Sales, led by Compass, are expected to launch by Spring of 2019.