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JBC Fund Plans $77M Luxury Apartment Building on Upper East Side

NEW YORK CITY-JBC Fund I--managed by Chicago-based John Buck Co.--is teaming with Madison Equities to bring JBC's first Manhattan project out of the ground next year. The luxury apartment building will add 193 units to the city's multifamily inventory.

By John Salustri | Updated on November 13, 2002

NEW YORK CITY-JBC Fund I is eyeing New York City as the target town for its first development outside of Chicago. The fund, managed by the John Buck Co., is joint venturing with locally based Madison Equities to break ground on a $77-million luxury apartment building in the spring of ’03. Completion is targeted for the fall of ’04.

Parent company Buck will handle the development, financing and lease-up for the project–which is apparently a jumping-off point for Buck’s national expansion. “This deal is exactly the type of transaction our JBC Fund I has been searching for to expand our presence beyond Chicago,” says Buck principal Kent Swanson. “Our long-range strategy is to have Fund I portfolio properties in a number of the nation’s 24-hour cities like New York; Boston; Washington DC; and, of course, Chicago.”

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