Fortress Investment Group, Bizzi & Partners, and U.S. Immigration Fund have closed on $313 million in construction financing to complete 125 Greenwich Street, a stalled 88-story residential skyscraper in Manhattan’s Financial District. Designed by Rafael Viñoly Architects, the 912-foot-tall structure is planned to yield 273 condominium units with interiors by March & White and marketing by Douglas Elliman Marketing Development, which is aiming to launch sales this fall. The loan was provided by Northwind Group, a debt fund manager headquartered in New York City. Work will resume with Time Square Construction and Plaza Construction jointly managing contracting duties for the property located at the corner of Greenwich and Thames Streets, just south of the World Trade Center complex and Liberty Park.
The project has sat idly for the past three years with exterior work nearly complete. All that remains are the cladding for the podium, some finishing touches around the pinnacle, and the gap in the western elevation where the construction elevator is attached.
125 Greenwich Street. Photo by Michael Young
125 Greenwich Street. Photo by Michael Young
125 Greenwich Street. Photo by Michael Young
125 Greenwich Street. Photo by Michael Young
“The closing of construction financing represents a new chapter for this exciting residential development, which will reimagine luxury living in Downtown Manhattan,” said Randall Shy, managing director at Fortress Investment Group. “Fortress, Bizzi & Partners, and USIF are thrilled to provide a unique offering that combines artful design from Rafael Viñoly and MAWD, exceptional residences, curated amenities, and a premier location.”
“By securing construction financing, we have surpassed a significant milestone and are moving forward to launch sales this fall,” said Mario Tornaghi, head of special operations at Bizzi & Partners. “Fortress is a leader and innovator, and we are thrilled to be working with them on this project. When we come to market, buyers will be amazed at the quality, craftsmanship, and distinct lifestyle that can only be found at the building.”
125 Greenwich Street. Photo by Michael Young
125 Greenwich Street. Photo by Michael Young
Walker & Dunlop’s New York Capital Markets team including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Michael Diaz arranged the financing for the development. The law firms involved in the financing were Skadden, Hogan Lovells, Kramer Levin, Rosenberg & Estis, P.C., and Polsinelli.
USIF, which manages and operates EB-5 Regional Centers, was intimately involved in financing the capital for this project. “This financing enables us to maintain our oversight role,” said Nicholas A. Mastroianni II, CEO of USIF. “We are pleased the project has now achieved this important financial milestone, which will allow it to be completed in a manner consistent with the original business plan and to keep our interests in the position to receive profits from the sale of the condominiums.”
“We are excited to provide our flexible financing solution that will enable the completion of this one-of-a-kind property to such high caliber sponsors,” said Ran Eliasaf, founder and managing partner at Northwind Group. “We remain bullish on the long-term success of NYC and strongly believe in the downtown area as it is continuing its transformation into an attractive residential neighborhood.”
125 Greenwich Street. Photo by Michael Young
Homes will come in studio to three-bedroom layouts, with upper units providing panoramic views of the Hudson River, the Statue of Liberty, the World Trade Center, Brooklyn and the East River to the east, and Midtown to the north. MAWD designed the interiors in three distinct palettes inspired by the building’s views. Lifestyle and wellness amenities will be spread across multiple floors near the top of the building and include a lap pool, spa, fitness center, and an exclusive private club with expansive city views.
Construction on 125 Greenwich Street should finally conclude around the end of the year or by early 2024.
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Inaugurated with the residential on exciting exterior to neighborhood that is the first part of skyscraper near World Trade Center complex, see small in size to resumes after a pause progress. So continue with lifestyle according to conception, alikeness from blue glass so beautiful: Thanks to Michael Young.
The design is really quite good, except that the exposed poured concrete is rather sloppy, especially right at the mechanical floor where the eye is drawn. Whether this rough brutalism was intended or is a construction mistake isn’t clear.
Unless its a tadao ando masterpiece sitting in its own context I’m not much of a fan of exposed concrete – especially not in a place like lower Manhattan.
The curved glass has a nice look to it.
Yes! I’m a sucker for rounded corners, like the Manhattan West twins!
That’s the only thing I like about this building lol
It will be nice to finally have this building completed and the sidewalk space restored.
Wish this tower had been built at its initial proposed height between 1,300 – 1,400 feet. At 912 feet, it doesn’t stand out. A disappointment.
Finally! I’m glad 125 Greenwich is getting helped back onto its feet. I’ve been yearning to see this design reach completion.
I wish they’d FINISH that bare concrete – it looks like garbage.
Actually its quite striking in person and one of the better examples of a lot line / design in the city
Unless its a tadao ando masterpiece sitting in its own context I’m not much of a fan of exposed concrete – especially not in a place like lower Manhattan.
Good to see this moving forward. These stalled projects are always a stain on the cityscape. The financial district can also use the full time residents.
Maybe the leaning tower in seaport will also get moving soon as well.
Geesh another 313 million and its allegedly almost done? Sounds like a ripoff hahah