Howard Lorber along with Steven Witkoff and the Fisher Brothers has just closed an investment deal with a Chinese asset manager for a luxury condo project in New York City.
According to The Real Deal, Taiping Asset Management, a subsidiary of Chinese Insurance International Holdings, is dising out out $229 million for an equity stake in the planned ultra-luxe Tribeca tower.
Just a few days ago, the joint venture sealed a deal for a $445 million construction loan to help fund the project. The financing was secured from Blackstone Real Estate Debt Strategies, M&T Bank and Deutsche Bank. The loan will cover the construction of the 792-foot-tall luxury condo tower, which is slated for completion in 2018.
In total, the project will cost $820 million to build.
The plush property, which is located at 111 Murray Street, is slated to feature 157 units and 20,000 square feet of lush amenities. The project is more than 58 stories.
Lorber’s New Valley, Witkoff and Fisher Brokers shelled out $200 million for the site, which once housed a St. John’s University satellite campus. In a press release, St. John’s disclosed it will used the funds for its endowment, academic offerings and facilities.
“We are very excited to be joining with the Fisher Brothers as a partner and co-developer of this exceptional property, and we laud St. John’s for its vision,” developer Steve Witkoff said in a St. John’s release sent to The Real Deal. “Lower Manhattan is experiencing dynamic commercial and residential growth, and this site sits atop the front edge of that wave.”
Earlier this year it was announced Lorber, who is Douglas Elliman’s chairman and CEO as well as the president and CEO of the Vector Group, made nearly $30 million in total compensation from the Vector Group. According to a proxy statement, Lorber received 1.05 million shares of restricted stock as an incentive to remain the head of the Douglas Elliman for the next seven years.
In addition to the aforementioned positions, Lorber is also the chairman of Nathan’s Famous and on the board of directors at Morgans Hotel Group.
Find out what Lorber’s favorite activity is to pass time here.
(Photo via Shutterstock)
