As of June 2’s groundbreaking ceremony, Sharif El-Gamal, founder and CEO of Soho Properties, has officially resumed construction at 45 Park Place. The site, for which he received pre-construction financing from Madison Realty Capital in 2014, has recently secured construction financing from a collection of banks in the Middle East, Asia, and Europe. To do so, El-Gamal followed a financing structure that adheres to Islamic legal principles, known as a murabaha, in which lender and borrower are on the same playing field. There is no interest necessary and debt cannot be sold; borrower and lender are true partners. The deal has become known as the largest construction financing of its kind ever in New York. El-Gamal secured no less than $219 million for the development.
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The 43-story condominium residence will top out at 665 feet and host fifty apartments. SOMA Architects is designing the glass and steel tower, which will fit neatly into the skyline now anchored by the modern towers of the new World Trade Center. Expansive windows throughout the building will provide residents with unencumbered views to the north over TriBeCa. A public plaza will surround the base of the building and adjacent to the building will be a three-story Islamic museum and prayer space rumored to be designed by French architect Jean Nouvel.
Ismael Leyva will design the residences, and asking prices are expected to exceed $3,000 per square foot. The building will host many state-of-the-art amenities, including a 50-foot pool in the basement, a concierge service, and a high-ceilinged private lounge. Its Tribeca location will offer residents an unparalleled number of prized restaurants and will offer stellar convenience to the offices of the Financial District and Wall Street. Completion is expected in 2018 and Stribling plans to launch sales in spring 2017.
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