NEW YORK CITY—A joint venture comprising real estate investment firms Strategic Capital Forum, Absolute Capital Partners and Cape Advisor has closed on a $215-million construction loan for the development of a condominium project at 537 Greenwich Street. Strategic Capital is the New York-based investment arm of China Construction America. This is their first project in New York City. The Hudson Square neighborhood was rezoned from manufacturing to residential use in 2013.
Eastern Consolidated’s capital advisory team arranged for the loan for construction of the 27-story-tower, with 170 luxury residences, 2,332 square feet of ground floor retail and 31 on-site parking spaces. The development site has a zoning floor area of 228,000 square feet, resulting from combining the two lots at 537 Greenwich and 110 Charlton streets. The residential units will average approximately 1,211 square feet with prices starting at under $1.2 million and averaging $2.79 million. Sales of the residences are expected to be completed in 2018, with an anticipated project completion date in late 2019.
Eastern Consolidated managing director Adam Hakim and director James Murad represented the borrowers in securing the financing from Bank of the Ozarks. The team previously placed a bridge loan with the bank for the acquisition of the lots and air rights for the site.
Hakim noted the project’s sweeping views of the Hudson River from apartments facing south and west, and skyline views from those facing north and east. “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,” he says.
Paris-based design firms Loci Anima and Sebastien Segers Architects, with executive architect Adamson Associates will execute the design of the project as a modern interpretation of traditional SoHo or Tribeca loft buildings.