Milbank, Tweed, Hadley & McCloy LLP advised Pontiac Land Group (“Pontiac Land”) of Singapore in connection with its acquisition of a substantial interest in the ownership of 53 W. 53rd Street, together with its partners Hines, the international real estate firm, and the Goldman Sachs Real Estate Principal Investment Group. 53 W. 53rd Street is the iconic residential condominium development to be constructed adjacent to the Museum of Modern Art (MoMA). In addition to their equity investment, Pontiac Land arranged the $860 million of construction financing funded by a consortium of Asian banks which closed in September 2014.
The project represents Pontiac Land’s first investment outside Singapore. Pontiac Land is a leading real estate company with over half a century of expertise and experience in luxury property development, and whose portfolio comprises commercial, residential, hospitality, retail and medical assets including five-star hotels like The Ritz-Carlton, Millenia Singapore, Capella Singapore, Conrad Centennial Singapore, Regent Singapore and a Four Seasons Hotel.
Singapore-based partners Jacqueline Chan and David Zemans and US-based partners Adam Moses and Peter Benudiz and US-based Of Counsel David Isenberg led the Milbank team advising Pontiac Land on this landmark transaction.
