BY: MICHAEL YOUNG | DECEMBER 1, 2017 The pace of progress at 111 Murray Street has been quite rapid since it started to rise into the Tribeca and Lower Manhattan skylines just over a year ago. Now, the construction crane is coming down, and the reflective exterior glass façade is beginning to accentuate the sweeping curves of the building’s distinct crown, which covers the mechanical roof and parapet. Standing nearly 800 feet, just a hair taller than the Goldman Sachs headquarters across the street to the west, 111 Murray Street, designed by Kohn Pedersen Fox, will be completed next year. The 157 units range from one bedrooms starting at $2.5 million, to a five-bedroom spread asking nearly $19 million. Two full-floor penthouses will sit at the top of the building, and offer the largest amount of square footage per unit, thanks to the unique architectural shape and profile of the tower. Its glass facade tapers outwards towards the top, instead of incorporating setbacks or staying flat, with the upward fluting explaining the anomaly. Residents will have sweeping views of the Hudson River, Tribeca, and Midtown Manhattan in the distance, and optimal amounts of sunlight in the morning and evening, with relatively few towers in the immediate vicinity of similar heights. The building’s location ensures it is somewhat separate from the densely packed streets and skyscraper clusters of the Financial District and World Trade Center. At ground level, there will be a privately owned public space on the eastern portion of the site that features seating areas, a green plaza, and the entry to the lobby. On the north side, a private garden and seating area featuring a sculptural water fountain will be offered to residents, along with an indoor dining area and lounge space. Two small retail spaces will be available on the western side of the building, where foot traffic will probably be heaviest. They will be buffered from the West Side Highway with steps, raised landscaped planters and trees. Hollander Design Landscape Architects is the firm behind the outdoor public space of 111 Murray Street. Above the ground floor, residents will have private amenities which include a 75-foot lap pool, a fitness center and lounge, and a children’s playroom, all designed by David Rockwell. These will eventually cover an area of 20,000 square feet, spread over two floors at the bottom of the building. 111 Murray had previously announced back in 2015 that its most over-the-top resident amenity will be its very own concierge jet service, a first for a residential building in New York City. The luxury comes with a 10% to 20% discount for those who use the so-called “25-hour service” to book private jets ranging anywhere from $125,000 to $250,000 per flight. The site is being developed by Witkoff, Fisher Brothers, and New Valley Real Estate.
By Mark Maurer |  November 29 Witkoff, Fisher Brothers and Howard Lorber’s New Valley just pulled off about $650 million in financing for 111 Murray, part of which is a condominium inventory loan for the 800-foot Tribeca tower’s remaining unsold units, The Real Deal has learned. The developers recently closed a large loan from the lending arm of Blackstone Group for the project, which is expected to be complete by spring 2018. Sources said the loan is partially an inventory loan in the interim before all in-contract units close in the first quarter, as well as a takeout of the existing construction loan. The Kohn Pedersen Fox-designed project’s units are nearly 80 percent sold, according to a source familiar with the apartment sales. Sales launched at the 58-story, 157-unit tower in July 2015. That same month, the developers secured a $445 million construction loan from a group that included M&T Bank, Deutsche Bank and Blackstone Real Estate Debt Strategies. The new refinancing now comes solely from Blackstone, sources said. The deal has not yet appeared in property records, though there is a new agreement filing for the amount of the initial construction loan – just a portion of the total loan. Steve Witkoff declined to comment, and representatives for the project and Blackstone could not be immediately reached. Back when the offering plan was filed with the New York State Attorney General’s office, the tower had a total projected sellout of $973 million. Apartments have ranged in price from $2.5 million to $18.9 million.  The tower’s current projected sellout is $1.05 billion, according to the AG’s office. Condo inventory loans have become more popular in New York City recently, as a way to receive financing for a chunk of apartments that have not yet closed. The loans get paid as more units sell. Tessler Development and Time Equities secured condo inventory financingearlier this year for unsold units at their respective towers at 172 Madison Avenue and 50 West Street.   Will Parker and Danielle Balbi contributed reporting.
[caption id="attachment_23799" align="aligncenter" width="777"] 111 Murray Close Up, photo by Tectonic[/caption]
YIMBY has been reporting on 111 Murray Street for several years at this point, and after breaking ground in July of 2015, it was at its fifteenth floor at this time last year. By August, it had topped-out, and glass had climbed over halfway up the exterior. Now, almost three months later, the crown is falling into place, and the 58-story and 800-foot-tall tower appears to be on track for an expected 2018 completion, as seen in the latest photographs from Tectonic. Kohn Pedersen Fox designed the building, which is being developed by Fisher Brothers, New Valley, and the Witkoff Group. Besides the 157 condominiums, there will be about 2,000 square feet of retail space in the ground floor, so the project’s impact won’t be confined to the skyline alone. [caption id="attachment_23801" align="aligncenter" width="683"] 111 Murray Street, photo by Tectonic[/caption] The design is an increasingly familiar take in Kohn Pedersen Fox’s repertoire, with “glassy flute” replicating the more angular 45 East 22nd Street, up in the Flatiron. While 111 Murray Street may not be the most distinctive tower on the Downtown skyline, at 800 feet it is still pretty substantial, and the glassy envelope is turning out to be fairly attractive. The most similarly-scaled projects in the surrounding blocks are 56 Leonard Street, to the northeast, and 30 Park Place, to the southeast, both of which have also opened over the past year or two. While other projects like 45 Park Place are also rising nearby, the core of the Downtown residential skyscraper boom will shift towards the depths of the Financial District over the next few years. 125 Greenwich Street is already rising, machinery is on-site at 45 Broad, and demolition is active at 80 South Street, which will ultimately be the tallest of them all. As for 111 Murray Street, full completion of the exterior is probably another few months out, but work is clearly nearing the finish line.