56 Leonard Backed By a $350M Loan

The nearly 4-year delayed construction at 56 Leonard Street in Tribeca has been backed by a $350 million loan. Seven banks, led by Bank of America, granted the loan. The developer, Alexico Group, purchased the site from New York Law School for $135.5 million and set the foundations of the building three years ago.

The construction was stopped following the recession of 2008. Herzog & de Meuron designed the building and had to endure lots of criticism, stating, that the building design does not fit into the neighborhood. It looks rather like a glass, Jenga game tower, which I myself would love to inhabit.

It’s not the first building that holds that design. Herzog & de Meuron designed a very similar building in Beirut, 347 Beirut Terraces. Another building that has a very similar design is the MahaNakhon in Thailand. The 1,030-feet-tall MahaNakhon will be completed in 2014, has 77 floors and was designed by the German architect Ole Scheeren. This structure in NYC is sure to be breathtaking.

The building will probably have between 145 apartments and will offer its residences luxury amenities like a spa, screening room, steam room, yoga studio, fitness center, library and a children’s playroom.