Newmark secures financing for JV’s $1.25b West Village condo development

Newmark has arranged the financing of Manhattan’s most anticipated luxury waterfront residential development, the last remaining block at St. John's Terminal in Manhattan’s West Village.

The joint venture with Zeckendorf Development, Atlas Capital Group and The Baupost Group secured a $322 million financing package from Blackstone. The loan proceeds will be used to fund both a portion of the land acquisition and the pre-development work for the project, which is valued at $1.25 billion. The 1.3-acre development site permits more than 600,000 square feet of predominately residential space.

Encompassing a full city block, the two-tower design will rise 430 feet and offer Hudson River views and an industry-leading amenity package. The project is the product of an extensive rezoning process, which was led by Atlas for the entire St. John’s terminal site, spanning almost four city blocks. As part of the rezoning, the former ownership group paid $100 million to the Hud