Bank of New York is leading the biggest private construction loan in New York in almost a decade, $340 million for a 1.6-million-square-foot Times Square office tower.

Participants in the loan to the Durst Organization include Bank of Nova Scotia, Bayerische Vereinsbank, Landesbank Hessen-Thuringen; Sumitomo Bank Ltd., Bayerische Landesbank, Dime Savings Bank of New York, and European American Bank.

More than 80% of the space is preleased to such tenants as Conde Nast Publications and the law firm Skadden, Arps, Slate, Meagher & Flom.

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