NEW YORK – Hines, the international real estate firm, announced today that Pontiac Land Group of Singapore has joined Hines and the Goldman Sachs Real Estate Principal Investment Area in the ownership of 53 W. 53rd Street, the iconic residential condominium development to be constructed adjacent to the Museum of Modern Art (MoMA). In addition to their equity investment, Pontiac Land secured $860 million of construction financing to be funded by a consortium of Asian banks.
The sweeping 72-story, 750,000-square-foot tower, designed by Pritzker Prize-winning architect Jean Nouvel, will house 145 highest-end condominium residences, designed by world-renowned architect Thierry Despont. In addition, the building’s lower floors will include 36,000 square feet of new exhibition spaces distributed over three floors, designed for MoMA by architects Diller Scofidio + Renfro.
Hines and Goldman Sachs acquired the 18,000-square-foot site, located between 53rd and 54th streets just west of MoMA, for $125 million from the museum in 2007. Following an international architectural competition, Nouvel was selected as the design architect. The tower was originally proposed to be 1,250 feet tall; and, as part of the Special Permit process in 2009, the height was reduced to 1,050 feet. All discretionary approvals necessary to build the project are in place and construction is expected to begin in mid 2014 with initial occupancy in late 2018. Lend Lease has been designated as the general contractor and Corcoran Sunshine Marketing Group will handle the project’s marketing and sales, which are expected to begin in 2014.
The tower will include an extensive package of amenities including breathtaking New York City and Central Park views, spectacular common areas, a high-performance fitness facility including a 75-foot lap pool and full-time concierge service.
"We are delighted to partner with Hines and Goldman Sachs on this landmark project. We have long admired MoMA's contribution to the city and the world, and we are pleased that this project will expand their galleries and enhance the visitor experience," commented Kwee Liong Tek, director of Pontiac Land Group and international art collector.
Hines Chairman Gerald D. Hines commented, “Jean Nouvel’s exciting tower will surely become an international design icon, as well as a favorite of New Yorkers. The location deserved a significant piece of skyline sculpture, and this project will deliver. Also, we think it will be a great investment for Hines and our partners, as well as for future homeowners. Pontiac Land is known for superior developments, and we are so happy to partner with them on their inaugural U.S. investment.”
"Pontiac Land's longstanding partnerships with our local banks have enabled us to participate in this important deal. We are confident in the recovery of the U.S. economy, the largest in the world, and believe in the resilience and potential of the New York property market. The U.S. will continue to be an investment destination of choice for us, so it was important for our first investment to be stellar," said Michael Su, CEO of Pontiac Land Group.
“The building’s one-of-a-kind architecture and its privileged proximity to MoMA will make this development an extremely desirable address,” said Tommy Craig, Hines senior managing director and head of the firm’s New York office.
Glenn D. Lowry, MoMA’s director, commented “The Museum of Modern Art is pleased to see the tower project moving ahead, and we look forward to working with the Hines team and the museum’s own architects to create new and engaging public spaces in which our visitors will explore modern and contemporary art.”
Hines has been active in the tri-state NY/NJ/CT market since 1981, having developed in excess of 15 million square feet in the area. The firm’s luxury residential projects in New York include 40 Mercer and One Jackson Square. Hines serves as development consultant for 56 Leonard. Hines’ 7 Bryant Park boutique office tower is currently under construction in Midtown. Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties. With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
About Pontiac Land Group
Pontiac Land Group is a leading real estate company with over half a century of expertise and experience in luxury property development. With the engagement of a select team of internationally renowned, Pritzker Prize-winning architects and designers who share the group’s values and commitment to excellence, Pontiac Land Group comprises commercial, residential, hospitality, retail and medical assets. Strategically located in Singapore’s prime districts, each distinct architectural achievement complements and enriches its living spaces with world-class art collections. The Group’s portfolio includes: five-star hotels The Ritz-Carlton, Millenia Singapore, Capella Singapore, Conrad Centennial Singapore, Regent Singapore and a Four Seasons Hotel; iconic skyscrapers Millenia Tower and Centennial Tower; luxury residences The Colonnade, Ardmore Residence and HANA; premier retail mall Millenia Walk; as well as the private and exclusive Camden Medical Centre, home to medical and healthcare specialists. The firm recently committed to its first investment in the U.S., 53 W. 53rd Street, a luxury residential tower set to rise next to New York's world-renowned Museum of Modern Art. Visit www.pontiacland.com for more information.