30 E. 29th St./ Photo by Christopher Bride, PropertyShark
NEW YORK CITY—Global Holdings Group has made a $52.5 million preferred equity investment in Rockefeller Group's development at 30 E. 29th St. in Manhattan. The property which stands between Park and Madison avenues is one of the three buildings which Rockefeller Group acquired for approximately $98.7 million last year.
Rockefeller Group planned to raze the buildings to construct ground-up. In May 2017, at the time of the deal, a Rockefeller Group spokesman told GlobeSt.com that they were actively evaluating residential and office development opportunities throughout the city. He noted an increased demand for new product near Madison Square Park.
Global Holdings notes that the new construction at 30 E. 29th St. will be a luxury condominium. It will replace the current structure that was built in 1903, according to PropertyShark. CetraRuddy has been selected for the architecture and interior design. The firm is known for designing the conversion of the 1929 Walker Tower into luxury condominiums and the new construction of the high-end, residential condo tower One Madison in the Flatiron District.
LendLease is the project's general contractor. The construction company has built 432 Park Avenue and MoMA Tower at 53W53. Rockefeller Group declined to provide additional details on the specific purposes of Global Holdings' recent investment.
Eyal Ofer, chairman of Global Holdings Group, notes it is the organization's second preferred equity investment in a major New York City project in less than four months. This deal follows the closing of a $100 million preferred equity investment in the office development at 25 Kent in Williamsburg, Brooklyn.
“NoMad has rapidly become one of the most desirable neighborhoods in New York City, and we are delighted to be working with a strong sponsor like Rockefeller Group on such a world-class property,” says Ofer.
Global Holdings owns the approximately 800,000 square-foot Nomad Tower located at 1250 Broadway, which is within a 10-minute walk of the E. 29th Street project.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
