NEW
YORK, July 12, 2022 /PRNewswire/ -- Newmark
arranged the financing of Manhattan's most anticipated luxury waterfront
residential development, and the last remaining block at St. John's
Terminal in Manhattan's West
Village. The joint venture—Zeckendorf Development ("Zeckendorf"),
Atlas Capital Group ("Atlas") and The Baupost Group—secured a
$322 million financing package from
Blackstone. The loan proceeds will be used to fund both a portion
of the land acquisition and the pre-development work for the
project, which is valued at $1.25
billion. The 1.3-acre development site permits over 600,000
square feet of predominately residential space.
Newmark's Jordan
Roeschlaub and Dustin
Stolly arranged the financing on behalf of the joint
venture.
Encompassing a full city block, the two-tower design will rise
430 feet and offer unmatched Hudson
River views and an industry-leading amenity package. The
project is the product of an extensive rezoning process, which was
led by Atlas for the entire St.
John's terminal site, spanning almost four city blocks. As
part of the rezoning, the former ownership group paid $100 million to the Hudson River Park Trust in
exchange for unused air rights.
"We are pleased to have provided financing for the first stage
of what will be an unprecedented, one-of-a-kind development," said
Michael Eglit, Head of U.S.
Originations in Blackstone's Real Estate Debt Strategies. "We look
forward to the completion of this project and to our continued
investment activity here in New York
City."
Zeckendorf, known for record breaking projects, such as 15
Central Park West and 520 Park Avenue, will lead the design and
development. The result will yield a unique collection of homes
with expansive layouts, outdoor space, ultra-luxury finishes and
unparalleled views, complemented by a comprehensive amenity
package. The project is a rare opportunity, which will ultimately
create a skyline-defining residential property designed by renowned
architect COOKFOX. Zeckendorf's selection of the waterfront site as
its signature downtown project speaks volumes of the company's
conviction, thesis and legacy.
Over the coming months, the developers will continue to refine
the design with COOKFOX and prepare to commence foundation work.
With Zeckendorf's ultra-luxury development experience and unique
operational knowledge—through its ownership in the largest
privately owned NYC residential brokerage—combined with Atlas'
successful development track record and detailed knowledge of the
property's history and entitlement process, the project will be a
distinct and premier location in downtown Manhattan.
About Zeckendorf Development
Zeckendorf Development is
a privately owned real estate development firm headed by Arthur,
William and Artie Zeckendorf, the
multi-generational New York real
estate family, which became known for selling the United Nations
its 17-acre East Side location and more recently developing 15
Central Park West and 520 Park Avenue. Over the last 20 years,
Zeckendorf Development has developed over 1,000 apartments with
over $10 billion of gross sellout.
Zeckendorf's projects have become the gold standard for
ultra-luxury condominiums. Buyers have included captains of
industry and distinguished celebrities. Unlike other developers,
Zeckendorf does not develop for volume but for performance and
rarely has more than two other developments proceeding at the same
time.
About Atlas Capital Group, LLC
Atlas Capital Group,
LLC is a full-service real estate investment, development, and
management firm. The firm was founded in 2006 by Jeffrey A. Goldberger and Andrew B. Cohen to invest in opportunistic and
value-added real estate transactions in core gateway cities, with a
primary focus on New York and
Los Angeles. Atlas'
vertically-integrated team includes more than 100 professionals
staffed across real estate disciplines, including construction,
leasing, development, asset management, property management,
accounting, and legal. To date, Atlas has invested over
$4 billion of equity in the United States across 65 office, retail,
residential, industrial, and mixed-use real estate investments,
comprising approximately 14 million square feet and over
$7 billion of total
capitalization.
About The Baupost Group
The Baupost Group is a
Boston-based investment manager
with a long-term, collaborative approach. Since 1982, the firm has
been thoughtfully stewarding and compounding capital on behalf of
families, foundations and endowments, as well as employees who
collectively are the firm's largest client. Today Baupost manages
roughly $29 billion. With a broad and
flexible charter, and depth of experience across all asset classes
and market environments, Baupost is strongly positioned to evaluate
and pursue longer-duration and highly complex opportunities, and to
structure transactions flexibly to meet the requirements of
sellers.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending
March 31, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 170 offices with 6,300 professionals around the
world. To learn more, visit nmrk.com or
follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
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are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the effects of the COVID-19 pandemic
on the Company's business, results, financial position, liquidity
and outlook, which may constitute forward-looking statements and
are subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
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SOURCE Newmark Group, Inc.