Hotelier and developer Ian Schrager is one step closer to building 160 Leroy Street, securing a $50M construction loan from Dublin-based Talos Capital Limited.The loan will finance the Studio 54 co-founder’s planned 47-unit, 142,ooo-square-foot condo development at the West Village site.
His company, the Ian Schrager Group, is working with partners Vector Group and Carlton Group on the Herzog & de Meuron-designed project.
The developers expect a $470 million sellout at the building, up from an initial estimate of just under $400 million.
Schrager helped the sales process along last month when he announced he’d be buying a 12th-floor unit himself, at a cost of “around $15 million.”
The Ian Schrager Group didn’t immediately return a request for comment.
Source: The Real Deal