Newmark Group has successfully arranged a loan of $985 million for the development of 80 Clarkson, an ultra-luxury condominium project in Manhattan’s West Village. The financing was secured on behalf of Zeckendorf Development, Atlas Capital Group and The Baupost Group LLC by Newmark’s Jordan Roeschlaub and Chris Kramer, along with Jonathan Firestone. Cale Street Partners and Farallon Capital Management provided the funding.
According to Firestone, this complex financing package is a result of bringing together two unique sources of capital. He also mentioned that this project will be a one-of-a-kind property that will redefine the city skyline.
Zeckendorf Development is leading the design and development for 80 Clarkson, known for their previous successful projects such as 15 Central Park West, 520 Park Ave., and 18 Gramercy Park South. Sales are expected to launch next year with completion slated for between2026-2027.
In July it was reported by Connect CRE that financing had been secured for this project; however at that time fewer details were available.
