"The closing of this significant construction loan represents the support and confidence our financial partners have in our proven track record as well as this remarkable building," said Alex Witkoff, co-CEO of Witkoff Group. This statement underscores the developers' focus on building trust and showcasing their previous successes to secure substantial financial backing for the One High Line project, which symbolizes a turnaround from past struggles.
"It's an important milestone for the project, which at one point appeared as though it might end up as one of the biggest busts in New York history." This highlights the dramatic shift in perception regarding the One High Line development, emphasizing its potential transformation from failure to a profitable venture.
Witkoff and Blavatnik secured a $1.15 billion loan for their One High Line development from JP Morgan and Tyko Capital, marking one of the largest single-asset loans of the year. This illustrates the significant financial backing and confidence from major lenders in the ongoing viability of high-end residential developments in New York City.
The developers said they have closed more than $800 million in sales during the first half of the year, making One High Line the top selling new development in the city. This statistic reinforces the project's successful market reception and its crucial role in revitalizing the area surrounding the High Line.
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