Construction of a Dormitory Project in New York – USA

Beneficiary :

Turken Foundation

Total funding :

$89.60 million

The objective of the project is to generate a regular income in favour of Turken Foundation in USA that will serve to enhance its activities and operations in the educational field.

The project is located on a land having a total area of 350 m² in Manhattan, New York. The project entails the demolition of the existing structure and the construction of 21 storey dormitory building. The building will house retail space, offices and residential units for students. The total built-up area will be 7,368 m².

The Turken Foundation will be the executing agency and beneficiary of the project. In 2014, the Foundation was established in USA as a non-governmental and not-for-profit organization to provide scholarships, accommodation, summer classes and cultural support to the Turkish and Muslim students studying in USA.

The estimated cost of the project is US$ 89.60 million to be financed by APIF: US$ 5.0 million, APIF Line: US$ 10.0 million, ISFD: US$20.0 million, whereas the Beneficiary will participate with US$ 54.6 million (including the value of Land and Air Rights).