Manhattan, NY Eastern Consolidated’s capital advisory division has secured a $52 million bank loan to finance the construction of 65 West Broadway, a 23-unit residential condominium development with ground floor retail that will span the entire block of West Broadway between Warren and Murray Sts. in TriBeCa.
Managing director Adam Hakim and director James Murad arranged the loan with a construction lending bank on behalf of the sponsor Cape Advisors.
“The 23 luxury condos will feature 10 to 12-foot ceiling heights, oversized windows, and high-end finishes and fittings across 42,000 s/fon floors two through 10,” Hakim said. “The one, two, three, and four bedroom units will range in size from 855 s/f to 3,360 s/f and nearly half will have private outdoor space. The building’s amenities will include a doorman, fitness room and resident lounge.”
Murad said, “In addition to residential units, the development will offer nearly 15,000 s/f of ground floor retail along 175 ft. of frontage on West Broadway, 50 ft. of frontage on Warren St., and 25 ft. of frontage on Murray St. Retail in Lower Manhattan is in demand as new residential developments have transformed the landscape from a nine-to-five business community into a 24-7 neighborhood.”
The development site for 65 West Broadway is comprised of existing buildings at 65-69 West Broadway, 71-73 West Broadway, 61 Warren, and 59 Warren St. that will be demolished to make way for the new condominium, which will feature a masonry façade with oversized punch windows.
TriBeCa has been recognized as the seventh most expensive neighborhood in the United States. With the desirability of the neighborhood and continued growth in Lower Manhattan, it’s expected that luxury residential apartments will remain in high demand in Tribeca.
Founded in 1995, Cape Advisors boasts an extensive real estate development and investment portfolio and has completed over $1.5 billion in projects primarily located in New York City and New Jersey. Notable residential projects include 100 11th Ave., 30 Warren St., and One Kenmare Square in Manhattan and the Watchcase Condominiums in Sag Harbor.