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Condos Will Replace Parking Garage

NEW YORK CITY-Thanks in part to a $31-million financing package, a parking garage in the NoHo neighborhood will be demolished and transformed into a luxury condominium building.

By Barbara Jarvie | Updated on October 27, 2004

NEW YORK CITY-A parking garage at 25 Bond St. will be demolished and redeveloped into a 72,000-sf condominium building. The site will feature 23 luxury residences complete with terraces, below-grade parking and ground-floor retail.

Locally based Carlton Advisory Services arranged and closed nearly $31.2 million of construction and mezzanine financing the acquisition and development of the NoHo site. Carlton’s Ruth Barone represented the borrower and placed the financing for this transaction. According to Carlton executives, the financing enabled, the buyer–a local residential developer–to “move seamlessly through the approval/entitlement process and into the construction phase, resulting in lower costs and ultimately increased profits.” Carlton procured fully non-recourse financing for 90% of the total project costs, comprised of a construction loan for 74% and a mezzanine loan for the remaining 16%.

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