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New York & Tri-State  + Downtown New York  + Finance  | 

Newmark Secures $985M for Two-Tower West Village Residential Project

Newmark Group arranged a $985-million loan on behalf of Zeckendorf Development, Atlas Capital Group and The Baupost Group LLC to fund construction of 80 Clarkson, an ultra-luxury condominium development in Manhattan’s West Village. The firm’s Jordan Roeschlaub and Chris Kramer, in collaboration with Jonathan Firestone, secured the funding from Cale Street Partners and Farallon Capital Management.

“We’re proud to have arranged this financing by bringing together two unique sources of capital,” said Firestone. “This complex, highly structured financing package will enable construction of a skyline-defining property that is truly one of one in the city.”

Zeckendorf Development, known for projects such as 15 Central Park West, 520 Park Ave. and 18 Gramercy Park South, is leading the design and development of the property. Sales are scheduled to launch next year, with completion expected in 2026 and 2027.

Connect CRE first reported in July that the project had secured financing; however, fewer details were available at that time.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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