Devs Land $313M Loan to Finish 125 Greenwich

A few weeks ago, we reported that work had finally resumed on a stalled, 72-story tower project, going up at 125 Greenwich Street in Manhattan's Financial District. Now, we have even bigger news to report, in addition to a couple of project team changes that all indicate an extremely bright future for this development.

First and foremost, it appears that New Valley has stepped down from the project, leading Bizzi & Partners Development to form a new joint venture with Fortress Investment Group and U.S. Immigration Fund. Not only is this a strong and refreshed team, but a well-funded one as well. Northwind Group has just issued the partnership a $313 million loan, which will allow them to fully finish the tower's construction.

Now, for those of you who are unfamiliar with the project, it certainly has some rocky history that should be explained. General contractor,  PRO, initially broke ground on the building in 2016, but quickly encountered delays, partially due to plan revisions in 2017, which decreased the height from 1,356 to 912 feet tall. Then in 2019, the superstructure topped out, before work came to a complete halt again. A 3-year stagnation period brings us to the present day, where Time Square Construction is teaming up with Plaza to finish the rest of the build.

When it does ultimately complete, 125 Greenwich will offer PRO condo units, boasting luxury interiors, designed by March and White Design (MAWD). These will be available in a variety of sizes, ranging from studio to three-bedroom configurations.

Tenant amenities are to include a fitness center, a 50-foot lap pool & spa, private dining accommodations, and multiple entertainment spaces.

The tower will also provide residents with spectacular views of the World Trade Center Memorial, the Hudson River, and New York Harbor.

In addition to residential space, the building will have PRO square feet of retail space, located on the bottom two floors.

Designed by  PRO, 125 Greenwich Street totals PRO square feet. In its current state, the structure is still missing some facade materials, although most of the remaining work revolves around the interior, where there is still plenty of framing and finishing work to be done. If all goes according to plan this time, construction should finish by early 2024.

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