NYC Sees Largest Prewar Building Conversion of One Wall Street at a Record $1.686 Billion Sell Target-Performance & Payment Bonding Through Metayer Bonding Associates
Metayer Bonding Associates of Avon, Ct., a Construction and Surety Bond Agency, has provided the Performance and Payment Bonds for a landmark construction condo conversion at One Wall Street, in Manhattan. Their longtime client JT Magen & Company Inc. is the General Contractor and the Bond Company is Liberty Mutual Insurance Company on this $1.686 Billion overall property development for Macklowe Properties.
The financing was complex and initially involving a number of major financial institutions namely JP Morgan Chase, Deutsche Bank, and Qatar National Bank. Ultimately Deutsche Bank provided the $750 Million financing for the construction portion of the project.
This former Irving Trust headquarters now will see 566 condo units averaging a per unit selling price of $3 million with a $2,600 per square foot valuation. This would be a record for the FinancialDistrict.
Metayer Bonding Associates has been in business for 22 years and provides Bond Programs for contractors throughout the Northeast with an emphasis in Connecticut, New York, New Jersey, and Massachusetts. They work with top Bond Companies such as: Liberty Mutual, Travelers, CNA, Chubb, and Zurich to name a few.
Their business requires a diverse knowledge and understanding of the construction and building businesses ranging from financing, risk factors, and timing logistics where multiple parties are involved and required to satisfy a successful project.
This 50 story building will also be home to over 100,000 square feet of ground floor commercial retailers such as Whole Foods and potentially Target. Its location boasts panoramic views of the Hudson Harbor with an outdoor pool deck and the lower Manhattan skyscaper that its residents will enjoy.
Metayer Bonding Associates understands the critical nature of a business heavily laden with details and moving parts. Its clientele is reliant upon the soundness of their Bond Programs and therefore it is incumbent upon Metayer to take a proactive approach with each project that it addresses. These are details that contractors, owners, and lenders will expect to have down to perfection.
Metayer Bonding Associates has built its reputation as a premier surety bonding agency over numerous years in the business with a selective emphasis in the New York Metropolitan area where building is at a premium and so are mistakes. Bonding agents like Metayer build long standing relationships as a result of their knowledge and quality service and, in turn, earn the trust and satisfaction of contractors throughout the area. New York City construction particulars require parties who maintain a consistent and reliable approach to each and every project.
The RFP (Request for Proposal) process depends upon surety bond agents like Metayer to have Bond Programs structured and in place so bidders do not need to concern themselves with this aspect of the procurement phase. Strong relationships with Bond Companies is of paramount importance. In such a business of minute details, Metayer stands out in the crowded field of competition as a premier surety bonding agency.