Eastern Consolidated Arranges $52 Million Construction Loan for Luxury Condominium Development in Tribeca
NEW YORK, NY – September 6, 2017 –Eastern Consolidated’s Capital Advisory Division has secured a $52 million bank loan to finance the construction of 65 West Broadway, a 23-unit luxury residential condominium development with ground floor retail that will span the entire block of West Broadway between Warren and Murray Streets in Tribeca.
Managing Director Adam Hakim and Director James Murad arranged the loan with a construction lending bank on behalf of the sponsor Cape Advisors.
“The 23 luxury condos will feature 10 to 12-foot ceiling heights, oversized windows, and high-end finishes and fittings across 42,000 square feet on floors two through 10,” Hakim said. “The one, two, three, and four bedroom units will range in size from 855 square feet to 3,360 square feet and nearly half will have private outdoor space. The building’s amenities will include a doorman, fitness room and resident lounge.”
Murad added, “In addition to residential units, the development will offer nearly 15,000 square feet of ground floor retail along 175 feet of frontage on West Broadway, 50 feet of frontage on Warren Street, and 25 feet of frontage on Murray Street. Retail in Lower Manhattan is in demand as new residential developments have transformed the landscape from a nine-to-five business community into a 24-7 neighborhood.”
The development site for 65 West Broadway is comprised of existing buildings at 65-69 West Broadway, 71-73 West Broadway, 61 Warren, and 59 Warren Street that will be demolished to make way for the new condominium, which will feature a masonry façade with oversized punch windows.
TriBeCa has been recognized as the seventh most expensive neighborhood in the United States. With the desirability of the neighborhood and continued growth in Lower Manhattan, it’s expected that luxury residential apartments will remain in high demand in Tribeca.
Founded in 1995, Cape Advisors boasts an extensive real estate development and investment portfolio and has completed over $1.5 billion in projects primarily located in New York City and New Jersey. Notable residential projects include 100 11th Avenue, 30 Warren Street, and One Kenmare Square in Manhattan and the Watchcase Condominiums in Sag Harbor.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
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