Ian Schrager, a hotelier and developer, is securing a construction loan worth $50 million from Dublin-based Talos Capital Limited.
The loan will be used to finance the 142,000-square-foot condo development to stand at 160 Leroy Street at the West Village, according to The Real Deal.
The Ian Schrager Group, headed by Schrager, is in partnership with Vector Group and Carlton Group on the Herzog & de Meuron-designed project.
The developers are expecting the project to generate a sellout of $470 million, $70 million more compared to the initial estimate of $400 million.
The announcement of Schrager last month that he's buying a 12th-floor unit at a cost of "around $15 million," has helped the sales process of the project.
The Ian Schrager Group didn't make a comment.
The new iconic structure to be built at 160 Leroy is inspired by the philosophy of the great Brazilian architect, Oscar Niemeyer, whose architects Herzog & de Meuron used as starting point in conceiving the project.
Much like at the hand of a designer, this creation evokes a sense of purity with its white concrete façade and diamond faceted floor-to-ceiling windows. The project is stretching a full city block in the West Village of New York City, and is set on white concrete and floating on a bed of light. The building connects with the surrounding streets while also appearing to hover above them - with an illuminated base that glows at night.
The condo development project at 160 Leroy was designed from the inside out. The beautiful layouts of the one-of-a-kind 49-unit condo are spacious and comfortable, and provide expansive views of the Freedom Tower, the Hudson River, and North towards the George Washington Bridge and East city views.
Some of the units even possess views of the East and West from the same Great Room that features idyllic sunrise and sunset views.
Each unit has open floor plans perfect for accommodating visitors with the right amount of privacy.
