New Jack City
September 9th, 2004, 09:02 PM
Globe St.
GlobeSt.com EXCLUSIVE: $190M Condo Will Rise in Midtown
http://www.globest.com/newspics/nyc_325fifth.jpg
325 Fifth Ave.
By Barbara Jarvie
Last updated: Thursday, September 9, 2004 04:07pm
NEW YORK CITY-A $37.4-million bridge loan closed for 325 Fifth Ave., a 250-unit, 390,000-sf residential condominium project with an estimated development cost of $190 million.
Richard Bassuk, president of the Singer and Bassuk Organization, tells GlobeSt.com that the developers--a joint venture between Continental Properties, owned by the Fisch family, and Jeffrey Levine’s Douglaston Development--feel this project will “change the face of this Midtown area.” The site is between 32nd and 33rd streets. Work will begin shortly and the building is expected to be completed some time in early 2006.
“This should really stimulate development in this area,” says Bassuk, who has long-established relationships with both JV partners. In fact, he introduced them. He says the 40-story tower in the shadow of the Empire State Building is at the intersection of a number of Manhattan's prominent neighborhoods: Chelsea, Grammercy and and the Flatiron District. "It will really change the character of the neigborhood."
HSBC Bank provided the bridge loan to facilitate the acquisition and start of development. “The substantial interest shown by HSBC is testimony to the project and its owners," Bassuk points out. Levine says Bassuk was “instrumental in obtaining the bridge loan we required to acquire the property and related development rights on highly advantageous terms.” Steven Fisch says it took SBO's "special expertise in coordinating the financing of a project with its development and construction requirements.”
SBO has obtained a $130-million construction loan and a $42-million mezzanine loan for the project. The 325 Fifth Ave. bridge loan transaction is the latest bridge-loan financing arranged recently for SBO clients. Recent SBO bridge loans have totaled more than $250 million in seven transactions.
GlobeSt.com EXCLUSIVE: $190M Condo Will Rise in Midtown
http://www.globest.com/newspics/nyc_325fifth.jpg
325 Fifth Ave.
By Barbara Jarvie
Last updated: Thursday, September 9, 2004 04:07pm
NEW YORK CITY-A $37.4-million bridge loan closed for 325 Fifth Ave., a 250-unit, 390,000-sf residential condominium project with an estimated development cost of $190 million.
Richard Bassuk, president of the Singer and Bassuk Organization, tells GlobeSt.com that the developers--a joint venture between Continental Properties, owned by the Fisch family, and Jeffrey Levine’s Douglaston Development--feel this project will “change the face of this Midtown area.” The site is between 32nd and 33rd streets. Work will begin shortly and the building is expected to be completed some time in early 2006.
“This should really stimulate development in this area,” says Bassuk, who has long-established relationships with both JV partners. In fact, he introduced them. He says the 40-story tower in the shadow of the Empire State Building is at the intersection of a number of Manhattan's prominent neighborhoods: Chelsea, Grammercy and and the Flatiron District. "It will really change the character of the neigborhood."
HSBC Bank provided the bridge loan to facilitate the acquisition and start of development. “The substantial interest shown by HSBC is testimony to the project and its owners," Bassuk points out. Levine says Bassuk was “instrumental in obtaining the bridge loan we required to acquire the property and related development rights on highly advantageous terms.” Steven Fisch says it took SBO's "special expertise in coordinating the financing of a project with its development and construction requirements.”
SBO has obtained a $130-million construction loan and a $42-million mezzanine loan for the project. The 325 Fifth Ave. bridge loan transaction is the latest bridge-loan financing arranged recently for SBO clients. Recent SBO bridge loans have totaled more than $250 million in seven transactions.