Walker Tower Developers Get $45 Million Loan for Hell’s Kitchen Project

New development at 435 West 50th Street Lands $45 Million Loan

Walker Tower, located at 212 West 18th Street in Chelsea, is one of those Manhattan buildings that are almost always in the spotlight. While architecture enthusiasts in the city can’t stop gushing about the building’s Art Deco representation, the apartments for sale at Walker Tower are among the most talked-about luxury residences in New York City today. So when the developers of Walker Tower announced that they were undertaking the conversion of another Art Deco building on 50th Street and 10th Avenue, it’s easy to see why the city’s real estate sector was ready to sit up and take notice of this new development.

The new project, which is run by a partnership between JDS Development Group and Property Markets Group, is located at 435 West 50th Street, which is the site of the former Verizon building in the Hell’s Kitchen neighborhood. The upper floors of the former telephone exchange will soon be converted into 71 luxury condos, which will add to the pool of luxury residences that are coming up in this rapidly evolving neighborhood. Interestingly enough, this building, like Walker Tower, has been designed by the famous architect Ralph Thomas Walker, whose constructions continue to be among the most applauded buildings in New York City today.

This impressive track record is probably one of the reasons why a leading bank recently decided to lend a hefty amount of money to the developers of this condominium project. According to a report in The Wall Street Journal, PB Capital, a member of the Deutsche Bank group, have given the developers a loan of nearly $45 million for the construction of their Hell’s Kitchen building. The developers plan on starting sales for the building later this year, and keeping in mind all the work that’s going into this project, one can expect the developers to be putting out prices that will shatter all existing records in the area.