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Brokerage
Posted: August 27, 2024
Newmark secures $985 million financing on behalf of 80 Clarkson Developers
Manhattan, NY Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, has arranged a $985 million loan on behalf of Zeckendorf Development, Atlas Capital Group and The Baupost Group LLC to fund construction of 80 Clarkson, an ultra-luxury condominium development in the West Village. Newmark’s Jordan Roeschlaub and Chris Kramer, in collaboration with Jonathan Firestone, secured the funding from Cale Street Partners and Farallon Capital Management.
80 Clarkson is located on one of the last waterfront residential development sites in the West Village, offering 360-degree views of the area. The unique collection of homes with outdoor space and ultra-luxury finishes is complemented by one of the most thoughtfully designed and comprehensive amenity packages in the city, as well as ground-floor retail space.
“We’re proud to have arranged this financing by bringing together two unique sources of capital,” said Firestone. “This complex, highly structured financing package will enable construction of a skyline-defining property that is truly one of one in the city.”
Offering over 100 condominiums, sales of units are scheduled to launch next year with completion expected in 2026 and 2027.
Zeckendorf Development, known for record-breaking projects such as 15 Central Park West, 520 Park Avenue and 18 Gramercy Park South, is leading the design and development of the property. Its gold standard for ultra-luxury condominiums has attracted captains of industry and distinguished celebrities, developing for performance instead of volume.
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