As foundation work progresses on two dramatically styled apartment towers downtown, funding has finally been secured for the high-profile riverside project.
Atlas Capital Group has closed a $985 million construction loan for the tower at 80 Clarkson Street, which it is developing with Zeckendorf Development and Baupost Group, people familiar with the matter told The Post.
The new financing is expected to be the largest residential construction loan in Manhattan since before the pandemic and will soon “go vertical” on the project, which spans a parcel of land along the Hudson River between Houston and Clarkson streets.
One tower is scheduled to be completed in 2026 and the other in 2027. The two towers are built on podiums and are technically the same building.
Representatives for Atlas did not respond to requests for comment.
According to the Atlas website, the project will feature “more than 100 luxury residences in two 450-foot-tall towers, with dramatic river and city views from every room.”
The developers also plan to build 175 units of affordable housing for seniors on the site, but that will not be covered by the loan.
The lenders were London-based Cale Street Partners and San Francisco-based Farallon Capital Management, and the loan was arranged by Newmark, according to people familiar with the matter.
The Washington Post first reported that the development team would purchase the 1.3-acre vacant lot in February 2022, and then secure a $322 million financing package from Blackstone later that year to break ground on the $1.25 billion project.
The design architects are Cookfox, who also worked on the re-use project for the St. John’s Warehouse next door, which now houses Google.
Zeckendorf, who has been spearheading new development, was also behind the so-called “Limestone Jesus” at 15 Central Park West.
The tower has previously housed some notable residents, including former Goldman Sachs CEO Lloyd Blankfein, Robert De Niro, Denzel Washington, Alex Rodriguez, and NASCAR driver Jeff Gordon.
