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Report: Manhattan, NY, high-rise secures over $780M in fresh equity

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Report: Manhattan, NY, high-rise secures over $780M in fresh equity

The TSX Broadway high-rise project in Manhattan, N.Y., has secured fresh equity worth more than $780 million as it nears its planned groundbreaking in January 2019, Bloomberg News reported.

The sum includes roughly $400 million from Swiss asset manager UBS Group AG's ultra-high-net-worth and family office clients, while Fortress Investment Group LLC owner SoftBank Group Corp. is contributing about $200 million to the pool, the news outlet added, citing people familiar with the matter.

Fortress executives Peter Briger and Dean Dakolias and L&L Holding Co. co-founders David Levinson and Rob Lapidus are also investing in the project, the people told Bloomberg.

Fortress, Maefield Development Corp. and L&L will develop the 46-story tower at 1568 Broadway in New York's Times Square.

Representatives for L&L and SoftBank declined to comment, Bloomberg added.

Goldman Sachs Group Inc. is providing a $1.13 billion construction loan for the project that will include a 669-room luxury hotel, 75,000 square feet of retail space, an outdoor dining terrace and a restored Palace Theater.