Finance Approval Pushes $1B Conversion

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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.