Brookfield_One Manhattan West

Brookfield to build $2.1 billion skyscraper in NYC

Wednesday, April 15, 2015

Brookfield Property Partners (Brookfield) will soon begin construction on a $2.1- billion office skyscraper in New York’s Manhattan West neighbourhood.

One Manhattan West will rise high on the southwest corner of ninth avenue and 33rd street at more than two million square feet. When completed in 2019, the building will be part of Brookfield’s five-acre, seven-million-square-foot development one block west of Penn Station.

The $4.5 project is set to feature retail, rooftop gardens, restaurants and cafes, a luxury residential building and a two-acre public park that will cut through the site.

Brookfield has already secured a 20-year-lease with law firm and anchor tenant Skadden, Arps, Slate, Meagher and Flom LLP (Skadden). Skadden will take up 550,000 square feet of residence on floors 28 to 43 in the first of two planned office buildings.

“We are thrilled to welcome Skadden to Manhattan West,” said Dennis Friedrich, chief executive officer of Brookfield Property Partners’ office division. “This is an exciting time, to be building an entirely new neighborhood anchored by class A office towers that will redefine the west midtown skyline.

Wells Fargo Bank, N.A., Deutsche Bank AG New York Branch, The Bank of New York Mellon, and The Toronto-Dominion Bank are co-leading $1.25 billion in construction financing for the tower. Brookfield is investing $850 million in the project.

Brookfield has already began work on a 62-storey, 844-unit luxury residential tower at 435 West 31st Street between Ninth and Dyer Avenues.