Silverstein Properties Secures Financing For New Four Seasons Hotel & Condominium Project In Downtown Manhattan
Construction of 82-Story Tower, Designed by Robert A.M. Stern Architects, to Begin in Fall 2013; Grand Opening in 2016
Corcoran Sunshine to Market and Sell Luxury Condominiums Located at 30 Park Place in Tribeca
NEW YORK, May 15, 2013 /PRNewswire/ -- Silverstein Properties today announced that the company has secured financing to construct a skyscraper at 30 Park Place in Tribeca that will include a Four Seasons hotel and Private Residences. At 926 feet, the property will be the tallest residential tower in Downtown Manhattan and one of the tallest buildings in New York City, offering residents panoramic views of the Midtown skyline and New York Harbor.
Construction will begin on the 82-story tower in Fall 2013 with the grand opening set for 2016.
Financing for the $950 million project was provided by The Children's Investment Fund Management (UK) LLP through a loan of up to $660 million to owners Silverstein Properties and CalSTRS.
Located at Park Place and Church Street in Tribeca, Four Seasons Hotel and Private Residences New York, Downtown will incorporate a 185-room Four Seasons-operated luxury hotel as well as 157 Four Seasons branded luxury private residences. The development will also include a public plaza. Sharing a city block with the Woolworth Building, Cass Gilbert's beloved 1913 skyscraper, and strategically located one block from the new World Trade Center, the new tower will become a distinct landmark nestled among the city's most recognizable skyscrapers.
"The day it opens, the Four Seasons Hotel New York Downtown will be the top hotel and apartment building in Lower Manhattan," said Larry A. Silverstein, President and CEO of Silverstein Properties, Inc. "It will join and enhance a world-class neighborhood that is already home to a dynamic blend of modern office towers, private residences, high-end retail and dazzling public spaces. Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939."
"All of us at Silverstein Properties are proud to play a role in creating what will be one of the most impactful and iconic buildings in New York," said Marty Burger, Co-Chief Executive Officer of Silverstein Properties. "We have assembled a dream team of partners including Four Seasons Hotels and Resorts – the premier operator of luxury hotels worldwide, Robert A.M. Stern Architects – one of the world's leading architectural design firms, and Corcoran Sunshine – New York's most influential marketing and sales firm for luxury residential development."
Martin Frass-Ehrfeld, Partner at the Children's Investment Fund Management (UK) LLP said: "TCIF is excited to provide financing to a pristine group of partners for what will be the highest quality hotel and residential building in downtown Manhattan. This project perfectly fits our investment strategy in New York city which includes other high end residential projects such as 432 Park Avenue and 737 Park Avenue."
Robert A.M. Stern Architects is the architect for the building and is designing every aspect of the private residence floor plans and interiors. The Hotel will be operated by Four Seasons with interiors designed by Yabu Pushelberg, while the condominiums will be managed as Four Seasons Private Residences. SLCE Architects is the Architect-of-Record. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is the general contractor for Silverstein's 3 and 4 World Trade Center, is serving as Construction Manager on the project.
"30 Park Place will counterpoint the glass-and-steel office towers that Larry Silverstein and his organization are building along Greenwich Street, and together these buildings will help Lower Manhattan realize its potential as one of the best places to live and work in the country. I am proud to be a part of this effort," said Robert A.M. Stern, founder and senior partner of Robert A.M. Stern Architects and Dean of the Yale School of Architecture.
The hotel and private residences will offer the growing residential and business communities a high level of service and style unique to the Downtown area.
"Adding a second hotel to our existing iconic property in New York on 57th Street, will be a great addition to the portfolio of Four Seasons," said Scott Woroch, Executive Vice President Worldwide Development, Four Seasons Hotels and Resorts. "This complementary property will cement our leadership position in this city and add another choice to discerning guests when travelling to this global destination."
Corcoran Sunshine Marketing Group will handle marketing and sales of the condominiums, which are expected to launch in Spring 2014.
"Larry Silverstein is among the most influential people in the industry and his commitment to New York is unwavering. He has singlehandedly transformed the Downtown landscape, and the introduction of 30 Park Place is his most exciting upcoming contribution," said Corcoran Sunshine President, Kelly Kennedy Mack. "The combination of the greatest hotel brand in the world and a Robert A.M. Stern design is a once in a lifetime opportunity."
The hotel entrance on Barclay Street will lead visitors into three floors of lobbies, lounges, a restaurant, ballrooms, and meeting facilities, as well as a spa, fitness center and pool. A second entrance to the restaurant will be located on Church Street. The public rooms of the hotel will face a through-block, landscaped public plaza framed by a lower annex building that conceals building services and access to below-grade parking.
A separate entrance and lobby at 30 Park Place will serve the private residences, each of which will enjoy full access to all hotel amenities. The residences also will feature 11 foot ceilings and formal entry foyers leading to light-filled living spaces, some with grand bay windows.
Through careful planning, the living areas and the master bedroom suite in almost every residence will be placed at a corner location, thereby providing two exposures with panoramic river and city views. Many residences also will feature formal dining rooms, a rare offering in today's new condominium market. The virtually column-free structural system also will allow for interior layouts that can be easily modified to suit each owner's unique and changing lifestyle.
The 30 Park Place site was purchased in 2007 by Metro Fund, LLC, a joint venture of Silverstein Properties and the California State Teachers' Retirement System (CalSTRS), a pension fund.
Silverstein Properties is also building the world's largest Four Seasons Resort in Orlando, Florida. Construction on the 445-room luxury resort began in December 2011 and it will open in July 2014.
Images of the new tower at 30 Park Place and future Downtown skyline are available for viewing and download at www.wtc.com.
About Silverstein Properties
Silverstein Properties, Inc. is a privately-held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by President and CEO Larry Silverstein, Silverstein Properties has developed, owned, and managed more than 35 million square feet of office, residential, hotel, and retail properties in the United States.
Currently, the firm has $10 billion of development underway including the Four Seasons Resort at Walt Disney World, the Four Seasons Downtown New York Hotel and Private Luxury Residences and 2, 3 and 4 World Trade Center. In addition, the company is focused on joint ventures for development and acquisitions in Europe, Asia and the Middle East. For more information on Silverstein Properties, please visit www.silversteinproperties.com or www.wtc.com.
About Four Seasons Hotels and Resorts
Four Seasons is dedicated to perfecting the travel experience through continual innovation and the highest standards of hospitality. From elegant surroundings of the finest quality, to caring, highly personalised 24-hour service, Four Seasons embodies a true home away from home for those who know and appreciate the best. The deeply instilled Four Seasons culture is personified in its employees – people who share a single focus and are inspired to offer great service. Founded in 1960 by its chairman Isadore Sharp, Four Seasons has followed a targeted course of expansion, opening hotels and residences in major city centres and desirable resort destinations around the world. Currently with 90 properties in 37 countries, and more than 50 projects under development, Four Seasons continues to lead the hospitality industry with innovative enhancements, making business travel easier and leisure travel more rewarding
About Corcoran Sunshine Marketing Group
With over 25 years of experience in marketing and collective sales in excess of $30 billion, Corcoran Sunshine Marketing Group is the recognized industry leader in the planning, design, marketing, and sale of luxury residential development. Representing properties throughout the United States and in select international locations, Corcoran Sunshine Marketing Group's portfolio contains a curated collection of the world's most desirable new addresses. For more information, visit www.corcoransunshine.com
About Robert A.M. Stern Architects
Robert A.M. Stern Architects, LLP, is a 260-person firm of architects, landscape designers, interior designers, and supporting staff. Over its forty-five-year history, the firm has established an international reputation as a leading design firm with wide experience in residential, commercial, and institutional buildings. As the firm's practice has diversified, its geographical scope has widened to include current projects in Europe, Asia, South America, and throughout the United States. The firm's reputation was first established by its custom houses, which continue to be at the heart of the practice. That experience has informed its success with multifamily residential projects, including the record-breaking 15 Central Park West for Zeckendorf Development, and the Chatham and Superior Ink for Related, all in New York; and high-end hotel and residential buildings in Atlanta (the Mandarin Oriental), Dallas (the Residences at the Ritz-Carlton), Toronto (One St. Thomas Residences), Los Angeles (the Century), and Taipei. The firm is also known for the design of the 57-story Comcast Center in Philadelphia and the recently completed George W. Bush Presidential Center in Dallas. The firm's founder and senior partner Robert A.M. Stern is Dean of the Yale School of Architecture. Working with him on the Four Seasons Downtown are RAMSA Partners Paul L. Whalen, Dan Lobitz, and Sargent Gardiner. For more information, visit www.ramsa.com.
SOURCE Silverstein Properties