NEW YORK CITY—Real estate developer Louis Greco's Second Development Services and the Richport Group received $45.5 million in financing for a building at 22 Bond St.
Once slated to be the Great Jones Hotel, the property later became a mixed-used condominium project in the NoHo neighborhood of Manhattan offering six luxury residential condominium units, with above ground and cellar floor retail space. The building also has an alternate address of 25 Great Jones St.
“Our flexible lending platform allows us to work closely with developers in need of additional time and funding for project completion,” says Josh Zegen, co-founder and managing principal of Madison Realty Capital, the real estate investment firm which provided the loan. “After previously acquiring the existing note on 22 Bond, we were able to arrange new financing to help the borrower complete construction and sellout of the project.”
Construction is 95% complete, according to Madison Realty Capital.
Zegen underscored the lender's familiarity with the neighborhood and how as a landmark area it has limited available condominium options. Curbed reported that in 2015, units in the building had the following asking prices. A three- or three-and-a half-bedroom was priced at $9,843,000, and two penthouses were listed for $14,782,500 and $19,885,000.
The 11-story, 34,035 square-foot property spans mid-block from Bond Street to Great Jones Street. The project's anticipated completion date is the spring of 2018.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
