The purchases required the New York City Landmarks Preservation Commission (LPC)'s approval because both structures were city landmarks. The initial plan was heavily opposed. Manhattan Community Board 5, whose district included 53 West 53rd Street's site, voted overwhelmingly in March 2008 to recommend that the LPC disapprove of the air rights transfers. In response, supporters of the tower formed an online petition to recommend that the community board rescind its objections. At an April 2008 hearing, residents stated the design would "prevent it from harmoniously fitting into its surroundings", and state senator Liz Krueger said that the building would "overwhelm the area’s infrastructure and services". On September 9, 2009, the New York City Planning Commission said the building could be constructed if it were shorter. New York City Planning Commissioner Amanda Burden said the top of the tower was composed mainly of "highly visible mechanical equipment". The version was approved by the New York City Council on October 28, 2009, in a 44–3 vote. The approval came with stipulations such as restrictions on loading docks and a requirement to preserve a sculpture-garden fence owned by MoMA. That year, the University Club sold the tower's developers of air rights. Work was still delayed because of a lack of funding following the financial crisis of 2007–2008. Hines and Nouvel filed new schematics for the skyscraper in May 2011 to conform with the lower height. That July, Nouvel filed a set of new plans with the New York City Department of Buildings, conforming to the guidelines that the City Council had approved for the tower. The Corcoran Group was hired in May 2012 to market units at the stalled 53 West 53rd Street project. Hines continued to seek financing throughout the rest of the year, despite speculation in late 2012 that construction would start soon. In October 2013, the Singaporean Kwee brothers' Pontiac Land Group agreed to provide a large equity investment, valued at either $200 million or $300 million. Pontiac also secured an $860 million loan from a consortium of Asian banks, including United Overseas Bank, Maybank, OCBC Bank, and DBS Bank. Construction In January 2014, MoMA decided to raze the American Folk Art Museum, which was between MoMA's existing structure and the proposed 53 West 53rd Street. The architectural community protested the planned demolition in part because that building was relatively new, having been completed in 2001. MoMA decided to proceed