- Posted at 12:04, October 31, 2013
- By Russ Bleemer
Big money is coming in from overseas to the MOMA development.
Houston-based developer Hines announced yesterday that Pontiac Land Group of Singapore is in for the residential condominium development to be adjacent to the Museum of Modern Art at 53 W. 53rd St.
The [press release] (http://www.hines.com/press/releases/10-30-13.aspx) didn’t disclose Pontiac’s equity stake, which is its first in the United States. The Wall Street Journal (http://online.wsj.com/news/articles/SB10001424052702304655104579165573187682340?mod=WSJ_NY_RealEstate_LEADNewsCollection) puts the number at $300 million.
Hines said that Pontiac had “secured $860 million of construction financing to be funded by a consortium of Asian banks.”
You can find out about Pontiac, a 50-year-old developer, [here]( www.pontiacland.com).
Pontiac joins Hines and the Goldman Sachs Real Estate Principal Investment Area as a coowner of the 72-story, 750,000-square-foot tower.
It will contain 145 “highest-end condominium residences,” and include 36,000 square feet of new MOMA exhibition spaces distributed over three lower floors.
According to the Hines press release, Hines and Goldman Sachs bought the 18,000-square-foot site for $125 million from the museum in 2007. Lend Lease is the general contractor. Corcoran Sunshine Marketing Group is the marketing and sales agent, and is expected to begin next year.