Developer Lands Additional $150M Loan for UWS Skyscraper

Developer,  PRO, has secured an additional, $150 million in construction financing, for a 69-story, residential tower project, going up at 50 West 66th Street on Manhattan's Upper West Side. This influx of capital was issued by Bank OZK, who in 2022 supplied a massive, $800 million construction loan for the same project, in partnership with JVP Management, who supplied a further, $167 million.

The high-end tower is set to stand PRO feet high, making it the tallest building on the Upper West Side. It will contain PRO luxury condos and total PRO square feet.

In regards to the overall aesthetic of the building, the designers were clearly allowed to take their vision and run wild with it. According to project architect,  PRO, "The design is achieved through a series of sculptural excavations, evocative of the chiseled stone of Manhattan’s geologic legacy. As the building rises, its bulk is carved away, splitting the tower volume into two. Chamfered corners refine its silhouette and form a shared amenity terrace on the 16th floor."

On the subject of amenities, plans call for 50,000 square feet of immersive facilities and curated lifestyle services. The landscaped terrace (as mentioned above) will feature an outdoor pool, a spa, and a fire pit. To top things off, tenants will have unparalleled views of Central Park and the Hudson River.

Lendlease is serving as the general contractor for the project, and work is currently in the superstructure formation stage. Construction is expected to wrap up towards the beginning of 2025.

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