DHA Capital acquires 75 Kenmare Street in NoLita

Manhattan, NY DHA Capital, a New York City-based real estate investment and development firm, has closed on the acquisition of 75 Kenmare St. – a planned boutique condominium comprised of 38 one to four-bedroom homes. Located in the NoLita neighborhood, the building will also have about 8,000 s/f of retail at its base.

“We expect very strong demand for this product, as there is nothing else like it on the market,” said Dan Hollander, managing principal of DHA Capital. “In addition to bringing together two highly coveted design teams, 75 Kenmare is also is also located in the heart of Manhattan’s most sought-after neighborhood.”

With an existing parking garage on the site, DHA Capital, along with partners AMS Acquisitions and First Atlantic Real Estate, first entered into contract to purchase the property in 2015. They have since tapped musician Lenny Kravitz’s namesake firm, Kravitz Design to lead interior design. Demolition is expected to begin by early to mid-summer 2016 with construction commencing shortly thereafter. Construction loan and acquisition financing is being provided by Deutsche Bank. Sales, headed by The Eklund Gomes Team at Douglas Elliman, are slated to begin in fall 2016. The building is expected to be ready for move-ins by fall 2018.

The design of 75 Kenmare is thoughtfully considered to exude modern luxury. Rich materials, including numerous unique natural stones, textured metal, and rich oak are juxtaposed carefully throughout the building, creating spaces that feel contemporary and refined, but also warm and inviting. Andre Kikoski, renowned architect and winner of the AIA Institute Honor Award for his work at the Guggenheim Museum, is the executive architect and is leading exterior design of the project.

This is the tenth project for DHA Capital, which was founded by Dan Hollander in 2011.  DHA Capital’s other current projects include 50 Clinton, a boutique condominium located in the heart of Lower East Side, the conversion of 12 East 13th Street in Greenwich Village into a luxury condominium building with eight expansive residences as well as a 280-unit luxury rental development at 535 West 43rd Street in Hell’s Kitchen. Additionally, 50 Clinton Street has already achieved 70 percent sold and is slated to open later this year.