(Read more on the debt and equity markets and the multifamily market .)
NEW YORK CITY-Wrightwood Capital has provided $25.3 million to finance the conversion of a building to apartments in New York City. The building, located at 315 W. 35th St., is in the Garment District of Manhattan.
Built in 1927, the property is currently a vacant 14-story loft office building. The sponsor, Ari Chitrik, a Manhattan developer that specializes in the construction of multifamily buildings in New York, plans to convert the property to a 57-unit apartment building, with approximately 5,000 sf of retail space on the ground floor.
In a "wedding cake" style building, the apartments will have large windows and high ceilings, allowing for excellent natural light, and many units will have a balcony. The property will also have outdoor space on the rooftop and storage and laundry facilities in the basement.
A spokesperson for Wrightwood tells GlobeSt.com that they cannot give out asking rents on this type of property, which is located between Eighth and Ninth avenues. "While it is located mid-block, this building has exceptional light due to low-rise neighbors and building set backs," says Dan Hartman, senior director of investments in Wrightwood Capital's Connecticut office. "The floor plate size, high ceilings, huge windows and many balconies make this a perfect asset to convert to apartments."
Hartman adds that, "its location is directly in the path of gentrification and its proximity to transportation should make this a successful project. The sponsor has extensive experience in development and should lend itself to a successful execution of the project, allowing him to capitalize on the demand for quality housing in the area."
This represents the first transaction between the Ari Chitrik and Wrightwood Capital. The opportunity was sourced through Sam Spinner of Meridian Capital Group. Wrightwood Capital structured a 36-month loan.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
