New York – The 72-story residential tower to be developed by Hines adjacent to New York’s Museum of Modern Art has added Pontiac Land Group of Singapore as a partner in the landmark project. The sweeping 72-story, 750,000-sf tower, designed by Pritzker Prize-winning architect Jean Nouvel, will house 145 highest-end condominium residences, designed by world-renowned architect Thierry Despont. In addition, the building’s lower floors will include 36,000 sf of new exhibition spaces distributed over three floors, designed for MoMA by architects Diller Scofidio + Renfro.
“Jean Nouvel’s exciting tower will surely become an international design icon, as well as a favorite of New Yorkers,” said Hines Chairman Gerald D Hines. “The location deserved a significant piece of skyline sculpture, and this project will deliver. Also, we think it will be a great investment for Hines and our partners, as well as for future homeowners. Pontiac Land is known for superior developments, and we are so happy to partner with them on their inaugural U.S. investment.”
In its official announcement, Hines announced that the Singapore firm has joined Hines and the Goldman Sachs Real Estate Principal Investment Area in the ownership of the condominium tower, 53 W. 53rd Street. In addition to their equity investment, Pontiac Land secured $860 million of construction financing to be funded by a consortium of Asian banks.
Hines and Goldman Sachs acquired the 18,000-sf development site, located between 53rd and 54th streets just west of MoMA, for $125 million from the museum in 2007. Following an international architectural competition, Nouvel was selected as the design architect. The tower was originally proposed to be 1,250 feet tall; and, as part of the Special Permit process in 2009, the height was reduced to 1,050 feet. All discretionary approvals necessary to build the project are in place and construction is expected to begin in mid 2014 with initial occupancy in late 2018. Lend Lease has been designated as the general contractor and Corcoran Sunshine Marketing Group will handle the project’s marketing and sales, which are expected to begin in 2014.
The tower will include an extensive package of amenities including Central Park views, and a high-performance fitness facility including a 75-foot lap pool and full-time concierge service.
“We are delighted to partner with Hines and Goldman Sachs on this landmark project. We have long admired MoMA’s contribution to the city and the world, and we are pleased that this project will expand their galleries and enhance the visitor experience,” commented Kwee Liong Tek, director of Pontiac Land Group and international art collector.
Hines is also developing the 7 Bryant Park office building in New York. With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 billion, Hines is one of the largest real estate organizations in the world.