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  #61  
Old Posted May 27, 2016, 12:06 AM
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By the book: Behind El-Gamal’s deal for sharia-compliant financing at 45 Park Place

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Sharif El-Gamal is feeling pretty damn good.

The founder and CEO of Soho Properties is fresh off a $219 million financing round that allows him to build 45 Park Place, a luxury condominium in Tribeca. It’s a scenario few saw coming: A sponsor new to the condo development game, in direct competition with blue-chip projects, at a site referred to in some circles as the “Ground Zero mosque.”

And yet El-Gamal finds himself flush at a time when many of his seasoned compatriots are struggling to convince banks that the high-end market is just fine, that concerns of oversupply are overblown, and that their projects are worth betting on.

To make it happen, he brought together banks from the Middle East, Asia and Europe in a murabaha, a type of financing structure that adheres to Islamic legal principles, or sharia. Industry experts are calling it the largest construction financing of its kind ever in New York. El-Gamal believes it will set his firm apart.

“We were able to tap into a pool of water that nobody’s in,” he told The Real Deal during an interview at his agarwood-scented office on Friday. “We saw an appetite to do something without paying extra for it.”

Murabaha, in a nutshell, works like this: The lender buys the asset, and agrees to sell it to the borrower for a pre-agreed markup (generally determined based on a benchmark such as LIBOR plus a margin). The borrower generally pays the higher price in installments, thus giving him or her immediate funds and allowing the lender to make a profit. Interest, which violates Islamic jurisprudence, is left out of the equation. And importantly, debt cannot be sold, which deters the trading of notes that is sport among New York real estate investors.

El-Gamal took issue with news reports that described the structure as “complex.”

“It’s quite simple,” he said. “And it’s the safest form of financing, because it involves a true partnership between the lender and the borrower. It’s not a ‘loan-to-own’ vehicle — it’s not a way to trap you.” He declined to specify how much the money was costing him but said he will be paying “conventional banking rates.”


A lawyer well-versed in sharia-compliant financing said it technically isn’t safer than traditional financing – except in spirit. It is rooted, he said, in the Islamic ideal of treating one’s counterpart justly: If a borrower runs into economic distress, the lender is open to working it out, rather than “jumping down your throat.”

The model is commonplace in Europe. London’s famous Shard Building was bankrolled in part by sharia-compliant financing from Qatar, and George Osborne, the U.K’s Chancellor of the Exchequer, has argued that London ought to become a hub of sharia-compliant finance to boost overseas investment.

In New York, sources noted Macklowe’s $585 million acquisition of One Wall Street was completed in part with a sharia-compliant loan from Qatar National Bank. But its use for construction financing here, at least on this scale, is unprecedented.
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TRD
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  #62  
Old Posted Jun 16, 2016, 10:19 PM
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After nearly a decade in the works, construction is finally on at the site

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After no fewer than seven years in the works, construction is officially on at Soho Properties’s condos coming to 45 Park Place. Soho Properties chief Sharif El-Gamal and a group of cohorts finally placed shovel to ground in an official groundbreaking ceremony on June 2, putting to end a long and windy path to the redevelopment of the former Burlington Coat Factory site.

The site was cleared after demolition permits were filed in April 2014, and since then several renderings for the project have made their rounds. But it seems like the most recent rendering is officially official.

The kick-off on construction of the 50-apartment building comes less than two weeks after Soho Properties secured $219 million in financing for the development. The tower is expected to be complete in 2018.

Soho Properties also owns a neighboring site at 51 Park Place which will give way to a three-story Islamic cultural center designed by starchitect Jean Nouvel. A rep for the project says that a variance allowing the development of a museum is still being sought for the site.
======================
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  #63  
Old Posted Jun 16, 2016, 10:21 PM
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Very high resolution Rendering: https://cdn2.vox-cdn.com/uploads/cho...ring__1_.0.jpg

Its 3337 x 6600
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  #64  
Old Posted Jun 16, 2016, 11:35 PM
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Great news!
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hmmm....
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  #65  
Old Posted Jul 2, 2016, 1:01 PM
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It's happening Part 2!

The mods are going to have a lot get a lot of moving requests soon because there are a good 12+ projects that are currently in foundation status. One the rebar is in place, its a journey to the sky.

As a previous generation of cranes finish their work, a new crop litters the skyline. So that means that the cranes will continue to dot the skyline as the second part of this cycle kicks into high gear.


Credit: JC_Heights
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  #66  
Old Posted Jul 9, 2016, 12:23 AM
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  #67  
Old Posted Aug 5, 2016, 12:59 AM
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Credit: rbrome
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  #68  
Old Posted Aug 5, 2016, 6:44 AM
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The Renders

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  #69  
Old Posted Sep 23, 2016, 12:06 AM
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  #70  
Old Posted Oct 30, 2016, 4:14 PM
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Site is really well boarded up, so getting a picture is tough but doesn't look they have too much more excavation work to do :

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  #71  
Old Posted Oct 30, 2016, 7:24 PM
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Looks like some boring/piling rigs there.
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  #72  
Old Posted Dec 14, 2016, 5:39 PM
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Crane is up per rbrome on YimbyForums.
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  #73  
Old Posted Dec 17, 2016, 4:52 PM
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  #74  
Old Posted Jan 19, 2017, 5:01 AM
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  #75  
Old Posted Feb 9, 2017, 2:33 AM
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First look: Sharif El-Gamal’s 45 Park Place



Quote:
Details surrounding Sharif El-Gamal’s luxury condominium at 45 Park Place have been sparse since the developer broke ground on the project last summer. But the project’s teaser site just went up, and offer the first real look inside the project.

New images for the 43-story tower offers an up-close look at the building’s façade, which will rise 665 feet over Tribeca. A pair of renderings show one of the building’s 50 units, where open floor plans and floor-to-ceiling windows give way to panoramic views of Lower Manhattan. According to the offering plan, Soho Properties is projecting a total sellout close to $400 million for the 50 condo units.

Michel Abboud’s SOMA Architects is designing the building, while Italy-based designer Piero Lissoni takes the lead on interiors. Ismael Leyva Architects will be the architect of record.

The new photos also depict the lobby and spa-like swimming pool that will be available to buyers. Stribling & Associates is the exclusive marketing agent on the project.

Last May, El-Gamal secured $219 million in Sharia-compliant financing for the project, which will include a three-story Jean Nouvel-designed Islamic museum next door. Construction is slated to be completed by 2018.
==========================
https://therealdeal.com/2017/02/08/f...45-park-place/
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  #76  
Old Posted Feb 9, 2017, 6:54 PM
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Teaser Site: http://45parkplaceny.com/

Some interior renderings and an expanded top rendering.
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  #77  
Old Posted Mar 9, 2017, 2:48 AM
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Last edited by chris08876; Dec 22, 2017 at 11:38 PM. Reason: fixed image not showing
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  #78  
Old Posted Apr 6, 2017, 3:31 AM
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Under construction.




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  #79  
Old Posted May 13, 2017, 5:05 PM
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New Rendering




=========================

Condo Tower to Rise Where Muslim Community Center Was Proposed

Quote:
The sales gallery for 45 Park Place, a 43-story condominium that will soon rise three blocks from the World Trade Center, is not unlike the galleries for other luxury condos in New York. Oversize photographs showcase the spectacular views that come with living in a 665-foot tower. The mock kitchen and bathroom offer a glimpse of the refined finishes one would expect in a building with a $41 million duplex penthouse.

But unlike other New York City condos, this one is something of a consolation prize for the developer, and one that is opening in a cooling luxury market. The tower replaces the developer’s 2010 plan to build a 15-story Islamic mosque and cultural center on this site, an idea that erupted into a national controversy and cable news network bonanza.

The mosque’s opponents — among them some families of 9/11 victims, politicians and conservative media pundits — balked at the notion of a mosque so close to the site of the largest attack by Islamic terrorists in the nation’s history. Critics called it the Ground Zero Mosque, the Victory Mosque and a “megamosque.”

Its name was Park51, and the project’s developer, Sharif El-Gamal, the founder of Soho Properties, compared it to the 92nd Street Y, a community gathering space where New Yorkers could go for swimming lessons and lectures.

The new design replaces Mr. El-Gamal’s vision of a vast space for public gatherings with more standard New York City fare: a very expensive glass and steel tower for the very rich. The site, which extends from 43 to 51 Park Place, will open in 2019 with 50 apartments at 45 Park Place and a much smaller, three-story Islamic museum and public plaza, designed by Jean Nouvel, but no mosque, at 49-51 Park Place.
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https://mobile.nytimes.com/2017/05/1...de-center.html
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  #80  
Old Posted Jun 5, 2017, 4:18 PM
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Plush Tribeca Pads at 45 Park Place Launch Sales
June 2, 2017
Quote:
Sales have officially begun on SoHo Properties' long-planned condo-tower rising from the junction of Tribeca and the Financial District. Known as 45 Park Place, the 43-story building will hold 50 for-sale residences crafted by Italian designer Piero Lissoni. The building itself is being designed by Michel Abboud’s SOMA Architects and will flaunt a streamlined glass enclosure that will top off at 665 feet high.
The apartments will be divided between loft, tower and duplex residences where one-bedrooms will start at $1.92M, two-bedrooms for $3.725M, three-bedrooms for $4.595M and four-bedrooms for $10.5M. The 5 newly-listed apartments are all large 2-, 3- and 4-bedrooms priced between $3.725M and $12.3M and they average $3,077 per square foot.






More info on the project & interior renderings HERE.
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