The Moinian Group has secured a $539m loan from the New York State Housing Finance Agency with credit enhancement from the Bank of China and Ullico, for the construction of a new residential tower in Manhattan.
The new tower is planned to be built at 605 West 42nd Street and 11th Avenue, next to Moinian's 478-unit Atelier condominium building. It is said to be the largest project under construction in Manhattan.
The building has been designed by Goldstein Hill & West Architects and is being constructed by Tishman Construction.
SL Green is acting as an investor in the project.
The residential tower will house 1,174 one and two-bedroom units and studios. Of the total units, 939 will be market rate apartments with outdoor balconies and 235 will be permanently affordable apartments.
The 1.16 million ft² tower will also house ultra-luxury penthouse units.
The Moinian Group CEO Joseph Moinian said: "605 West 42nd Street is going to be a shining example of a large-scale, out-of-the-ground residential development that realises a bold vision, pushing the limits of luxury and convenience to create not only a living space, but a lifestyle."
At the base of the building will be around 20,000ft² of retail space with 200ft of frontage on 11th Avenue, a parking garage and an expansive motor court drive.
Other amenities offered will be a 40,000ft² public health club with indoor and outdoor pools and spa services, a grand lobby, lounges, public spaces, a restaurant with outdoor dining facility and around 20,000ft² of professionally landscaped terrace and deck space.
The Moinian Group senior vice-president Mitchell Moinian said: "The Moinian Group has always believed that the West Side would be a sought-after area, so we pioneered this neighbourhood in anticipation of that demand and now we're seeing those efforts come to fruition."
The new tower is scheduled for completion in 2015.
Image: An artist's impression of the upcoming residential tower at 605 West 42nd Street in New York. Photo: courtesy of Marketwired / The Moinian Group.