Luxury Turkish Developer Seizes on Policy Pivot to Launch Fund

September 25, 2023

Luxury Turkish Developer Seizes on Policy Pivot to Launch Fund

BLG Capital seeks up to €250 million from foreign investors. CEO says return to orthodox economics driving interest.

Construction is continuing on The Greenwich, an 88-story residential skyscraper at 125 Greenwich Street in Manhattan’s Financial District. Designed by Rafael Viñoly Architects and developed by Fortress Investment Group, Bilgili, and Bizzi & Partners, the 912-foot-tall structure will yield 273 condominium units designed by March & White (MAWD) and marketed by Douglas Elliman Marketing Development, which is aiming to launch sales later this fall. Homes will range from studios to three-bedroom layouts with pricing starting at $1.15 million. Time Square Construction and Plaza Construction are the general contractors for the property, which is located at the corner of Greenwich and Thames Streets, just south of the World Trade Center complex and Liberty Park.

Several more sections of reflective floor-to-ceiling glass have been installed across the skyscraper since our last update in July, when construction had recently resumed after a prolonged pause.

More of the dark paneling now covers the reinforced concrete walls around the upper mechanical levels at the crown, and crews can be seen working on the interiors across the height of the building.

The below photographs of the southern elevation were taken in mid-September when crews were cleaning the concrete walls from hanging rigs. The blue protective film on the column of windows at the center of this core has since been peeled off.

The developers secured a $313 million construction loan from Northwind Group in February to finish the formerly stalled project, which topped out in 2019.

Residents will have panoramic views of New York Harbor to the south, the skyscrapers over Wall Street and the East River to the east, the World Trade Center complex to the north, and the Hudson River and Jersey City to the west. Click here to view photographs from YIMBY’s tour from March 2019.

YIMBY last reported that MAWD designed the condominium unit interiors with three distinct palettes inspired by the building’s views. The lifestyle and wellness amenities will be spread across several levels at the top of the property and include an indoor lap pool, a spa, a fitness center, and a private club with expansive city views.

Construction on The Greenwich is predicted to finish sometime in 2024.

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