New York-based real estate development firm Rabina has secured a $540-million construction loan to build a new supertall high-rise in Midtown, reports YIMBY.
The tower, now underway at 520 Fifth Avenue, will consist of a 76-story building which will feature 450,000 square feet of condominiums and offices atop three floors of restaurants. Plans also call for amenities such as a pool, a spa, and a fitness center.
Kohn Pederson Fox is designing the building, which still reach 1,000 feet in height.
The financing was arranged by JLL Capital Markets, with funding through Bank OZK and Carlyle's Global Credit Business.
Completion of the tower is expected in 2026.
- Midtown (Urbanize NYC)