(Read more on the multifamily market and more on the debt and equity markets.)
NEW YORK CITY-Locally based O'Connor Capital Partners has closed on $750 million of senior financing from HSH Nordbank AG, a commercial bank headquartered in Hamburg/Kiel, Germany. The firm will use the money for its Manhattan House redevelopment on Manhattan's Upper East Side.
The financing follows a recent decision by O'Connor to buy out its previous partner, N. Richard Kalikow, and assume full control of the 66th St. condo conversion. Jerry O'Connor, managing partner of O'Connor Capital Partners, notes that even with almost no advertising to date, the market response has been mostly positive to plans for the landmark building, which was purchased for $625 million in 2005. O'Connor plans to invest $1 billion in converting the Manhattan House from an apartment community into a luxury condo complex.
The property at 200 E. 66th St., offers expansive, family-sized condominiums and the largest private residential garden in the city, according to a release. Each residence is endowed with generous proportions and nearly all have double exposures for abundant natural light.
The building was designed by Gordon Bunshaft of Skidmore, Owings & Merrill in 1952. It is being restored by SOM and Randall Ridless.
O'Connor's capital improvement program will, according to a release, redefine and refashion the landmark into "a lavish condominium residence with all of the amenities, conveniences and services demanded by 21st century lifestyles." Atop the building will be a residents-only club with a rooftop garden and an Exhale Mind Body Spa and Fitness Center. For children, Roto Studio has designed an indoor playroom and outdoor play area. The private garden is being restored by landscape architect, Sasaki. Some of the additional new services include an in-residence five-star hotel concierge, private valet parking and in-house valet.
O'Connor credits HSH Nordbank with extraordinary leadership and support through this difficult effort. O'Connor Capital Partners has assembled a marketing and sales team to spearhead the condominium conversion, led by I. Dolly Lenz, vice chairman of New York City-based brokerage firm Douglas Elliman. The team is up and running and an on-site sales office is open. Model residences will debut this month. The financing was arranged by Eastdil Secured. Calls to O'Connor Capital Partners were not returned by press time.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
