Manhattan, NY Eastern Consolidated’s Capital Advisory Division has arranged a $215 million construction loan for the development of a shovel-ready, 27-story, 170-unit residential condominium project at 537 Greenwich St. within the Special Hudson Sq. Zoning District.
Managing director Adam Hakim and director James Murad represented the borrower, Cape Advisors and its new equity partner Strategic Real Estate LLC, in securing the financing from Bank of the Ozarks. The team previously placed a bridge loan with Bank of the Ozarks for the acquisition of the lots and air rights for the site.
“This is going to be a tremendous project with sweeping views of the Hudson River from apartments facing south and west, and skyline views from those facing north and east” Hakim said. “The average price per unit will be below $3 million, a price point that has been showing consistent velocity in the current environment and is considered affordable in Manhattan’s new development market.”
The development site offers a zoning floor area of 228,000 s/f, resulting from two combined lots, 537 Greenwich St./110 Charlton St., and air rights obtained from five adjacent and nearby properties.
Architectural firm Loci Anima in partnership with executive architect Adamson Associates designed a modern interpretation of a traditional SoHo or Tribeca loft building for the residential project, which will also include 2,332 s/f of ground floor retail and 31 on-site parking spaces.
Residential units will average 1,211 s/f. Paris-based Sebastien Segers Architecture is the interior designer for the units that will offer 10-ft. high ceilings, eight-inch white oak floors, full slab marble kitchens counters, and stone bathrooms.
The development is situated one block east of Hudson River Park in the Hudson Sq. neighborhood, which was rezoned from manufacturing to residential use in 2013 and where the demand for new construction is great. Transportation is available via the 1 train on Varick Street and the C and E trains on the Avenue of Americas, and access to West St. is one block away.
Strategic Real Estate, which will be the managing partner and lead developer of the project, is a wholly owned subsidiary of CSCEC Holding Company, Inc. a Delaware registered holding company 100% owned by China State Construction Engineering Corporation, Ltd., established in 2007 and listed on Shanghai Stock Exchange since July 2009. China Construction is one of China’s largest construction and real estate conglomerates and largest building contractors, and has so far completed over 5,600 projects in some 116 countries and regions around the world.
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 65 West Broadway, 100 11th Avenue, 30 Warren Street, and One Kenmare Square in Manhattan and the Watchcase Condominiums in Sag Harbor.
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