Moinian Borrows $103M to Build 572 11th Ave.
The Moinian Group borrowed $103 million from Bank of China to build its new rental apartment tower at 572 11th Ave. on the Far West Side of Midtown Manhattan.
The 13-story story tower, designed by architecture firm CetraRuddy, will include 164 new apartments and 25,000 square feet of retail space. A quarter of the apartments will be set aside for low and moderate-income households under the new 421-A tax exemption program and the City’s Inclusionary Housing Program.
Moinian has had a busy November — it just broke ground on the 53-story, two-million-square-foot 3 Hudson Blvd. office tower located in the heart of the Hudson Yards District.
“The Moinian Group has been a driving force in the transformation of the Far West Side for over a decade,” said Drew Fletcher, president of Greystone Bassuk, which arranged the construction loan.
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