NYC-based real estate investor and developer Rabina says it has the arranged a half-billion-dollar construction financing package for 520 Fifth Avenue.
In a March 3 statement, the company says the project will be “the first post-pandemic – and tallest – building in Manhattan to weave together luxury residences, boutique commercial office space, world-class recreational facilities and ground floor retail all under one roof.”
Site work is underway for the approximately 450,000 sq. ft. mixed use tower at Fifth Avenue and 43rd Street in Manhattan’s Midtown neighborhood. When completed, it will be the second tallest building on Fifth Avenue, after the Empire State Building.
Architect Kohn Pedersen Fox (KPF) designed the 1,000-ft. tower. Suffolk Construction is the general contractor.
JLL Capital Markets represented Rabina in arranging the $540 million financing package consisting of a $410 million senior mortgage provided by Bank OZK and $130 million mezzanine financing provided by Carlyle’s Global Credit business.
“We are thrilled to have the support of Bank OZK and Carlyle at this extraordinary time of reinvention in New York City,” said Josh Rabina, President of Rabina. “520 Fifth presented us with an opportunity to mobilize a world-class design team and to start with a clean canvas. We hope to deliver a building worthy of its place in the city’s skyline that will offer New Yorkers a new template for rebalancing work, life, and personal fulfillment.”
The developers say the project will achieve LEED, WELL, and WIREDSCORE certifications.
