Assignment

Trimont was engaged by a global private investment firm to provide asset management and construction loan servicing for a new residential high rise condominium project in New York City.

Asset

The 96-story, 106-unit condominium tower located on Park Avenue, between 56 and 57th streets, includes 59 storage licenses, 18 wine cellar licenses, and 12 office units

The property replaces the Drake Hotel, one of New York’s most valuable development sites, when it was razed in 2007. Construction began in 2012 and was completed in December 2015.

Rising 1,396 feet, it is the tallest residential tower in the Western Hemisphere, and can be seen from all five boroughs of New York City, re-defining the city’s skyline.

Uruguay-born, Argentina-raised architect Rafael Viňoly designed the structure. He previously designed other acclaimed spaces in NYC, including Jazz at Lincoln Center and the Brooklyn Children’s Museum.

Insights

  • With more than 400,000 square feet of usable interior space, there are only 106 units for people to live in.
  • All windows measure 10 feet by 10 feet to take in expansive views of Central Park, the Hudson and East Rivers, the Atlantic Ocean and many of Manhattan’s iconic buildings.