pbb provides USD 150mn re-financing for Solar Carve Tower in New York


Munich/New York, 14 August 2020 – pbb Deutsche Pfandbriefbank has provided a
USD 150 million loan to Aurora Capital Associates and William Gottlieb Real Estate for the refinancing and completion of the “Solar Carve Tower” office and retail building in the New York City's Meatpacking District. 

The Solar Carve Tower, which was completed in May 2019, is a 10-storey boutique office and retail building located at 40 Tenth Avenue within Manhattan’s prime Meatpacking District. The property is situated between 13th and 14th Streets, bounded by Tenth Avenue and the High Line walkway, which runs directly east of the building, allowing easy access to one of the most desirable locations in Manhattan. 

The building was designed by Studio Gang Architects and includes full-glass storefronts with more than 430 feet of combined frontage. It features unparalleled physical attributes and unobstructed views of the Hudson River and Lower Manhattan. The office space totals 14,000 sqm - around 1,300 sqm per floor - and features soaring 16-foot ceiling heights. The floor plates were specifically designed to appeal to the market. 

The surrounding area is zoned for commercial, industrial, and manufacturing activity and mostly comprises multi-storey mixed-use commercial and residential buildings featuring ground-level retail and restaurants.

David McNeill, Head of RE Finance USA at pbb commented: “We are pleased to be able to finance both, spectacular architecture with a very sustainable building concept by financing the Solar Carve Tower.”