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Carnegie Hill Condo Project Gets $20M Loan

NEW YORK CITY-Secured from an off-shore bank, the construction loan will add a new 10-story residential tower to this elite neighborhood. The project is a part of a joint venture between Oaktree Capital Management and Tamarkin Co.

By Diana M. Rodriguez | Updated on January 16, 2003

NEW YORK CITY-The Carnegie Hill Historic District here is about to welcome a new condo tower thanks to the $20 million construction loan secured by developers Oaktree Capital Management and Tamarkin Co. in a joint venture. Sonnenblick-Goldman Co. arranged the loan, provided by an off-shore bank, for the 10-story residential building to be built at 47 E. 91st St.

The project will include the development of seven full-floor condominiums and a penthouse duplex set above an existing commercial bank. There will also be an adjacent four-story townhouse, at 1281 Madison Ave., containing ground-level retail and four residential units for maid and/or nannies, according to a statement.

While construction is under way, a spokesperson for Sonnenblick tells GlobeSt.com that developers are still awaiting official project approval from the Attorney General. Developers are confident they’ll get the go-ahead, the spokesperson says, at which time a construction timeline will be set in place along with asking prices for the luxury residential units. Currently, condos are estimated to sell for around $5 million to $15 million.

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