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More Condos Will Dot Uptown Landscape

NEW YORK CITY-Add two more condo projects to the list of residential product here. A joint venture secures $206.5 million in financing for the construction of a 27-story condo on the Upper West Side. And Athena plans to start construction on a 19-story project on Central Park North.

By Barbara Jarvie | Updated on May 18, 2006

(To read more on the multifamily market, click here.)

NEW YORK CITY-A joint venture has won a $206.5-million loan for the construction of a 210,213-sf mixed-used condominium community at the southeast corner of West End Avenue and West 70th Street. The loan will cover all the construction costs minus the equity put in.

Hypo Real Estate Capital Corp. secured the financing. The property is being developed by Clarett Capital LLC, which is a joint venture between the Clarett Group and Prudential Real Estate Investors and with ING/Clarion. The 27-story condominium will include 191 apartment as well as 27,000 sf of retail and a 76-car parking garage. No construction timetable has been announced.

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