Blackstone has loaned Related $258m (£188m) to refurbish a residential block in Tribeca, signalling renewed confidence in the Manhattan luxury market.
Known as Truffles Tribeca, the building comprises two towers linked by a skybridge near the Hudson River.
Related bought the complex for $260m in 2019, seeking to capitalise on the transformation of Tribeca from a faded commercial district into an expensive neighbourhood.
The decade-old building has been emptied in preparation for a gut renovation that will involve changing the interior and replacing the facade.
