News

World Trade Center developer's plan for a lower Manhattan hotel-condo tower moving forward

NEW YORK, N.Y. – World Trade Center developer Larry Silverstein’s plan for a hotel-condo tower is moving forward after a London-based investment firm has agreed to provide a $660 million construction loan.

Martin Burger of Silverstein Properties Inc. tells The Wall Street Journal (http://on.wsj.com/16eYuzw ) that if the financing deal with Children’s Investment Fund Management LLP is completed it will clear the way for groundbreaking on the superluxury tower.

The 926-foot tower will be on the same block as the Woolworth Building and just a block and a half from the trade centre.

It will include a 189-room Four Seasons Hotel. The Journal says condos in the building are expected to sell for as much as $34 million for a penthouse.

Earlier plans for the property were shelved after the 2008 economic downturn.