NEW YORK CITY—A partnership of Quadrum Global and Simon Baron Development has signed a 99-year ground lease at 267 W. 87th St. with plans to develop a new 18-story, 100,000-square-foot luxury residential building with parking at the site.
The 10,000-square-foot property, situated between Broadway and West End Avenue on the Upper West Side houses a parking garage, which the partnership plans to demolish to make way for the new development.
Avison Young's Vincent Carrega, Jon Epstein, Neil Helman, Charles Kingsley and Jason Meisterrepresented the landlord, Riverview Operating Co. The tenant, Quadrum and Simon Baron did not use a broker.
“By creating a newly built residential property in a neighborhood where high-quality housing is in extremely tight supply, we will create significant value on a site that is currently under-utilized,” says Oleg Pavlov, CEO of Quadrum. “This transaction demonstrates our team's prowess in accommodating the landowners' objectives through an unusual deal structure that many other market participants would shy away from. At the same time, it further strengthens our investment footprint in New York City as we seek to expand our presence in key US markets”
Adds SBD president Matthew Baron, “We are excited to embark on our third project on the Upper West Side which we believe to be one of New York City's quintessential residential neighborhoods. This was a complex transaction that embodies our commitment to the pursuit of creative, value add opportunities for both ourselves and our partners.”
Providing 100 feet of frontage, 267 W. 87th street sits within a 10-block radius of Central Park and Riverside Park, the American Museum of Natural History and Hayden Planetarium, the Children's' Museum of Manhattan, the 86th street MTA subway entrance and three of New York City's top-rated public elementary schools.
The partnership plans to focus on larger family units for the site, which it believes is in high demand on the Upper West Side.
This is the fifth joint venture partnership between Quadrum and SBD and the second deal on Upper West Side, where the two companies are jointly re-developing a rental building at 393 West End Ave., which will come to market in the second half of this year.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
