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Anbau Lands Financing for Upper West Side Condo Project

NEW YORK CITY—Real estate development firm Anbau has closed on nearly $68 million in construction financing for its planned 13-story residential/retail…

By John Jordan | johnjordan | | Updated on July 08, 2016
207 W. 79th St. 207 W. 79th St. is a new construction residential and retail project on the Upper West Side of Manhattan.
NEW YORK CITY—Real estate development firm Anbau has closed on nearly $68 million in construction financing for its planned 13-story residential/retail condominium property on West 79 th Street. The $66.63-million loan provided by the Bank of the Ozarks was arranged by Eastern Consolidated’s Capital Advisory Division. Anbau is currently planning 19, two- to five-bedroom residences and more than 5,000 square feet of retail space. The 71,000-square-foot development at 207 West 79th St. will feature a 24-hour doorman, fitness center, storage, bicycle room and children’s play area. The architect for the project is New York City-based architecture firm Morris Adjmi Architects. Eastern Consolidated’s Adam Hakim, managing director, James Murad, director, and Andrew Iadeluca, associate director, handled the placement of the loan with Bank of the Ozarks on behalf of Anbau “This is a rare opportunity for a developer to build in an area where condominium inventory has significantly declined over the last seven years,” Hakim said. “It is very unusual to be able to find attractive ground-up construction in a prime landmark historic district. There are major barriers to entry in this submarket.” Condo units in newly constructed buildings in the West 70th-86th St. region sell at a premium, averaging $2,729-per-square-foot as compared to units in converted buildings, which average $2,287-per-square-foot, Hakin notes. In April, Anbau Enterprises closed on the acquisition of three contiguous buildings in the heart of Manhattan’s East Village for approximately $58 million. Among the development firm’s completed residential projects in New York City include: 136 West 22nd St.; 419 West 55th St.; 110 Central Park South; 120 West 72nd St. and 124 West 23rd St.

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