Witkoff and Access Real Estate have secured a $525 million refinancing package for One High Line, a two-tower mixed-use development at 500 West 18th Street in Chelsea, Manhattan. Designed by Bjarke Ingels Group, the development contains 236 residential units as well as the recently opened Faena Hotel New York. The property straddles the High Line on a trapezoidal plot bounded by West 17th Street, West 18th Street, Tenth Avenue, and West Street.
Rendering of One High Line, via onehighlineresidences.com.
The development includes two distinct towers: a 36-story West Tower and a 26-story East Tower. Amenity space spans 18,000 square feet and includes a lap pool, spa, bridge lounge, fitness center, virtual gaming studio, and private dining facilities.
Photograph of public park at One High Line. Credit: Michael Young.
One High Line also features the 120-key Faena Hotel New York, the brand’s first location in the city. Residents have access to the hotel’s private members club, spa, dining, nightlife, and in-residence hospitality services. Since launch, the development has recorded more than $1.1 billion in condominium sales.
The closest subways from the property are the A, C, E, and L trains at the 14th Street–8th Avenue station to the southeast.
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What is the financing for? Aren’t these buildings already complete?
Construction and Rental Operations have different risk profiles, and are usually financed separately by banks to manage risks. This allows borrowers to get lower interest rates long term as once a building is built the building can be used as collateral on a loan, while a construction loan doesn’t have the building to back it up and often times has a much higher interest rate with typically a balloon payment due at the end of the loan.
Displeased to see that Steve Witkoff is involved in any Chelsea project.