Waterline Square Commences Closings on Manhattan's Upper West Side
Three-Building Luxury Development Welcomes Condo Residents and Pays off Construction Loan
Feb 24, 2020, 09:30 ET
NEW YORK, Feb. 24, 2020 /PRNewswire/ -- Leading national developer GID Development Group, a division of GID, announced that closings are underway at Waterline Square, the three-building luxury residential development located along the Hudson River. Waterline Square has begun welcoming its first condominium residents, joining rental residents who moved into the development this fall. Encompassing nearly five acres on Riverside Boulevard between West 59th Street to West 61st Street, Waterline Square completes one of the last remaining waterfront development sites on Manhattan's Upper West Side.
"With its truly one-of-a-kind amenity offering, 421a tax abatement and a world-class residential experience, Waterline Square continues to be one of New York City's leading condominium developments, in terms of dollar volume and number of contracts signed," said James Linsley, President of GID Development Group. "It's been gratifying to see buyers recognize the tremendous value a stand-out property like Waterline Square provides, and we couldn't be more excited to welcome our first condominium residents."
Having secured one of the largest residential construction loans in 2016 for $1.243 billion, GID Development Group has already paid off the entire condominium portion of the financing package for Waterline Square, totaling $585 million. Funding was originally provided by a bank syndicate led by Wells Fargo as Administrative Agent, along with co-lead arrangers HSBC, National Bank of Abu Dhabi, and JP Morgan.
Waterline Square has been designed by a team of renowned visionaries, featuring architecture by Rafael Viñoly Architects, Richard Meier & Partners Architects and Kohn Pedersen Fox Associates, complemented by beautiful interior design by Champalimaud Design, Yabu Pushelberg and designer Groves & Co. Since launching sales in 2017, the development has achieved record-breaking successes, including the highest price-per-square-foot ever achieved on Riverside Boulevard and the sale of Penthouse A at Two Waterline Square, priced at $18 million.
"GID has developed an important and iconic three-tower masterplan, featuring a lifestyle component that has truly captivated the marketplace. We are thrilled to see this property come to fruition as it has been received so well by buyers and brokers alike," said Kelly Kennedy Mack, President of Corcoran Sunshine Marketing Group, the exclusive marketing and sales agent for Waterline Square.
Waterline Square offers an unprecedented approach to urban living and provides one of New York City's most comprehensive lifestyle experiences, including the 100,000-square-foot Waterline Club amenity center, a vibrant 2.6-acre park designed by acclaimed landscape architecture firm Mathews Nielsen Landscape Architects and a dynamic hospitality program with world-class culinary partners, Cipriani and Empellón. Designed by Rockwell Group, the Waterline Club is home to a regulation-size indoor tennis court and an indoor half-pipe skate park—each the first of their kind in a New York City residential development—as well as a squash court, full-court basketball court, indoor soccer field, 25-meter saltwater pool, bowling alley, art studio, music and recording studio, indoor gardening studio, pet spa, 4,600-square-foot children's playroom and more. Complementing these shared spaces, each residential tower offers its own selection of exquisite private amenity spaces including large great rooms with fireplaces, private dining rooms, media and game rooms, billiards lounges and landscaped terraces with outdoor kitchens.
Waterline Square is located near some of the best parks, dining, shopping and cultural institutions that New York City has to offer, including Lincoln Center for the Performing Arts, Columbus Circle, Central Park, Riverside Park and Hudson River Park. The surrounding area is also home to prestigious academic institutions, including The Julliard School, LaGuardia High School of Music & Art and Performing Arts, Collegiate, Heschel and Fordham University Lincoln Center.
Prices start at approximately $2 million and the development has a 20-year tax abatement. To visit Waterline Square's onsite model residences, please contact the sales team at (212)-586-8333 or visit www.waterlinesquare.com.
About GID Development Group
GID Development Group creates sophisticated mixed-use projects and iconic residential developments in New York City and throughout the United States. GID is a privately-held, fully integrated real estate organization founded in 1960 that owns and manages a premier portfolio of existing properties and development projects valued at over $19 billion. With offices in New York City, Boston, San Francisco, Washington DC, Atlanta, Dallas, Denver, Houston, and Orange County, CA, the company employs over 930 real estate professionals and has divisions specializing in development, acquisitions, real estate funds, portfolio and asset management, and property management. During its corporate history, GID has acquired or developed over 79,000 residential units and 16 million square feet of commercial space in 24 states and 3 continents.
About Corcoran Sunshine Marketing Group
With over 30 years of experience in marketing and collective sales of $49 billion, Corcoran Sunshine Marketing Group is a 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. Corcoran Sunshine Marketing Group is the new development arm of The Corcoran Group which is part of NRT LLC, the nation's leading residential real estate brokerage company and a subsidiary of Realogy Holdings Corp. that operates Realogy's company-owned real estate brokerage offices.
SOURCE GID Development Group
