Atlas Capital Group, in partnership with Zeckendorf Development and Baupost Group, has secured a $985-million construction loan for their Lower Manhattan apartment towers at 80 Clarkson St. This financing was arranged by Newmark and is believed to be the largest residential construction loan in Manhattan since before the pandemic.
The lenders for this project are London-based Cale Street Partners and San Francisco-based Farallon Capital Management. The full-block development will soon “go vertical” at its prime Hudson River location between Houston and Clarkson streets.
According to sources, one tower is expected to be completed by 2026 while the other will follow in 2027. Additionally, there are plans for a separate senior affordable housing building on the site which is not covered by this particular loan.
The development team first announced their acquisition of the vacant 1.3-acre site back in February of last year without mentioning any specific source or partner involved. Later that same year, they secured a $322-million financing package from Blackstone which helped kick-start this impressive $1.25-billion project.
Renderings courtesy of COOKFOX Architects showcase what’s to come from this highly-anticipated riverfront apartment complex.
