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NEW YORK CITY-An investment partnership called 261 West LLC will demolish three vacant buildings in North Chelsea and erect an 11-story condominium complex. The group secured $55 million in financing for the acquisition and development of the project.
The financing consisted of a $46-million senior loan and a $9-million mezzanine loan. They were provided by separate divisions of a major international commercial bank. Sonnenblick Goldman arranged the financing package.
The 53-unit condo will be located at 261 West 28th St. The building will also include retail space fronting Eighth Avenue and West 28th Street, a fitness room, meditation garden, as well as several parking spaces for residents.
Evan Haymes, managing member of 261 West LLC, says the partners will demolish three vacant, dilapidated buildings on the corner of 28th & Eighth streets and construct an 80,000-sf condo. "We feel that we are making a very positive contribution to the gentrification of Chelsea."
According to Andrew Oliver, managing director and principal at Sonnenblick, to construct the new tower, the buyer actually purchased four buildings located at 362-368 Eighth Ave. "Northern Chelsea, or NoChe, continues to gentrify as the push for premium retail, work and living spaces grows," adds Mark Ehlinger, director at Sonnenblick Goldman. CORE Group marketing has been awarded the exclusive marketing and sales for the condominiums.
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