TIMSON Immigration
Tishman Sypeyer “Spiral” New York Office Tower
Project Details
Allocation: |
Northwest corner of 34th Street and Tenth
Avenue in midtown Manhattan, New York
|
Height: | A sixty-five (65) floor mixed-use tower |
Regional Center: |
CanAm's New York Metropolitan Regional
Center
|
Developer: | Tishman Speyer |
Designer: | Bjarke Ingels Group |
Project total investment: | US$ 3,640,000,000 |
EB-5 Loan: |
US$ 250,000,000
(7% of the total budget)
|
Number of investor: | 500 |
Job creation: | 12,727 |
PROJECT LOCATION & ADVANTAGE
+ 查看更多
Tishman Speyer will develop a sixty-five (65) floor mixed-use tower, to be known as “The Spiral”, that will feature:
The Spiral will be developed on an approximately 67,450 SF (6,266m2) block - front parcel at the northwest corner of 34th Street and Tenth Avenue in midtown Manhattan, New York. The Spiral will offer office tenants large, open floor plans with views of midtown and downtown Manhattan and the Hudson River on one of the prime development sites in the emerging midtown sub-market of New York City.
The Spiral Project site is in a prime location in the center of the west side zoning district that is eligible for the highest density. As a result, the Project site is a candidate for a valuable real estate tax incentive aimed at encouraging new development in the area.
|
Surrounding Environment
Benefiting from the continuous development of emerging communities, greening of public spaces and parks, abundant retail stores and dining options, and new cultural attractions, the Triumph Centre has fully demonstrated the trend of connecting work spaces.
Midtown Manhattan has numerous public transportation hubs that connect Manhattan to the nearby Tri-State area quickly and easily. The main stations such as Central Station, Penn Station, and Port Authority Bus Terminal are all in the Midtown area, connecting 16 metro lines across New York City, numerous train and bus lines, and 24-hour PATH rail transits to and from New Jersey and New York. system. The New York Water Taxi and Ferries also provide convenient navigation between Midtown Manhattan, Brooklyn, Staten Island and New Jersey. In addition, Midtown Manhattan is close to the three major airports - Kennedy Airport, LaGuardia Airport, and Newark International Airport.
PROJECT TEAM
+ 查看更多
Developers:
TISHMAN SPEYER— a 100-year-old company, was founded in 1898 and manages assets worth US$86 billion. As one of the world’s largest real estate developers and operators, Tishman Speyer’s signature properties include New York City’s Chrysler Building and Rockefeller Center, Chicago’s Franklin Center, Berlin’s Sony Center, Frankfurt’s OpernTurm, London’s Cityoint, Paris’ Lumiere, Sao Paulo’s Torre Norte, Rio de Janeiro’s Ventura Towers and Hyderabad’s Wave Rock, and several properties in China and India.
Designer:
BJARKE INGELS GROUP(BIG), the top design team in the world; BIG has received numerous awards and honors, including the Danish Crown Prince’s Culture Prize, the Golden Lion at the Venice Biennale and the ULI Award for Excellence. They are currently involved in a large number of projects throughout Europe, North America, Asia and the Middle East.
Regional Center |
New York Metropolitan Regional Center
|
||
General Partner |
CanAm NY GP VI, LLC
|
||
EB-5 Company |
CanAm New York Regional Center, L.P. VI
|
||
Borrower |
509 W 34 Principal, L.L.C.
|
||
I-924 approval | Approved on February 13, 2017 | ||
Developer
|
Established in 1978, Tishman Speyer is a real estate owner, developer and operator managing a portfolio of assets in major metropolitan areas across the United States, Europe, Latin America and Asia. Tishman Speyer has acquired, repositioned, developed and /or operated over 394 projects totaling approximately 172.8 million SF of office, retail and residential space and $86 billion in value. Some of Tishman Speyer’s signature properties include New York City’s Chrysler Building and Rockefeller Center, Chicago’s Franklin Center, Berlin’s Sony Center, Frankfurt’s OpernTurm, London’s Cityoint, Paris’ Lumiere, Sao Paulo’s Torre Norte, Rio de Janeiro’s Ventura Towers and Hyderabad’s Wave Rock, and several properties in China and India.
|
||
Project Descriptions |
Tishman Speyer will develop a sixty-five (65) floor mixed-use tower, to be known as "The Spiral", that will feature:
The Spiral will be developed on an approximately 67,450 SF (6,266m2) block - front parcel at the northwest corner of 34th Street and Tenth Avenue in midtown Manhattan, New York. The Spiral will offer office tenants large, open floor plans with views of midtown and downtown Manhattan and the Hudson River on one of the prime development sites in the emerging midtown sub-market of New York City.
The Spiral Project site is in a prime location in the center of the west side zoning district that is eligible for the highest density. As a result, the Project site is a candidate for a valuable real estate tax incentive aimed at encouraging new development in the area.
|
||
Project total costs |
US$ 3,640,613,097
|
||
Borrower Equity |
US$ 1,820,306,549 <50%>
|
||
Construction Loan |
US$ 1,570,306,548 <43%>
|
||
EB-5 Loan |
US$ 250,000,000 <7%>
|
||
EB-5 investment per unit | US$ 500,000 |
Collectively known as Subscription Proceeds
(US$ 555,000)
|
|
Issue Fee | US$ 55,000 | ||
Investment return |
0.25% per annum
|
||
Term of EB-5 Loan |
5 years (with the option for 2 one year extensions)
|
||
Number of investors | 500 | ||
Job requirements
|
5,000
|
||
Job creation |
12,727 <150% buffer>
|
||
Advantage | eThe loan principal is backed by a first priority pledge of 100% of the project's equity. | ||
Release of Escrowed Funds to the Limited Partnership |
|
||
In case of I-526 Petition Denial
|
|
||
Source of Fund for loan Repayment | Stable income for Lease |