Hypo Real Estate Capital Corp., the New York-based subsidiary of Hypo Real Estate Bank International, closed an initial $45.4-million six-month acquisition loan which will convert to a nearly $71-million construction loan.
The 110,000-sf building is currently a six-story structure. Upon conversion and renovation, the developer will add a seventh floor, which will contain approximately seven residential condominium units, averaging 1,576 sf. Plans are also under way to convert floors two through six into residential condominium space, with units averaging 1,207 sf. The ground floor will continue to contain retail space. It is currently 100% leased to Kinko's, Tri-State Camera and the Children's Place.
The Chelsea/Flatiron district offers numerous opportunities, according to Evan F. Denner, head of real estate finance for HRECC. He says the company is "continuing to aggressively build market share in the condo-conversion marketplace in New York, as well as throughout the US."
The development is not alone. Also in the works for the area is Chelsea Tower, a 34-story, 228-unit luxury apartment building located on the west side of Avenue of the Americas at 100 West 26th St. with approximately 16,000 sf of retail space and a parking garage.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
