Bayport Funding provides $4.7 million acquisition and construction loan

Manhattan, NY Bayport Funding has provided a $4.7 million acquisition and construction loan for the ground-up construction of 76 West 105^th St. The six-story property, developed by Moonshot Development, will span nearly 7,000 s/f across two triplex townhomes.

“Manhattan is the only New York borough to experience a population increase following the pandemic, and the Upper West Side led that trend with a roughly 30% increase compared to 2019,” said Marcia Kaufman, CEO of Bayport Funding. “With that influx in population comes an increase in demand, and that’s reflected by the area’s appreciating fundamentals. As competition among sellers in the area heightens, there are ample opportunities to bring new inventory to the market and realize investment upside.”

The property follows in the visual footsteps of INOA Architecture’s aesthetic, with an asymmetrical design, thin frame, and granite-hued façade. This exterior provides space for an outdoor community garden, while the upper levels have access to a full roof deck outlined by glass railings. Construction is expected to conclude in the latter half of 2023.