Cape Advisors and its equity partner Strategic Real Estate have secured a $215 million construction loan from Bank of the Ozarks to build their luxury Hudson Square condo at 537 Greenwich Street.
The developers previously took a bridge loan with Bank of the Ozarks for the acquisition of the lots and air rights for the site.
“Securing this financing is a testament to the strength of our joint venture and development team as well as an endorsement of the partnership’s vision for 537 Greenwich,” said Craig Wood, CEO of Cape Advisors. “The project represents a singular opportunity in a fantastic downtown location, and we believe that it will resonate with a diverse range of buyers looking to make Manhattan their home.”
“This is a major milestone for 537 Greenwich as well as Strategic Capital,” said Ning Yuan, Chairman of CCA, parent company of Strategic Capital. “It signifies our first foray into the New York City market and we couldn’t be more pleased with the design and iconic location. We know our sister company Plaza Construction will build a project of the very highest quality.”
Both loan transactions were arranged by Eastern Consolidated’s Capital Advisory Division managing director Adam Hakim and director James Murad on behalf of the borrowers.
“This is going to be a tremendous project with sweeping views of the Hudson River from apartments facing south and west, and skyline views from those facing north and east” Hakim said. “The average price per unit will be below $3 million, a price point that has been showing consistent velocity in the current environment and is considered affordable in Manhattan’s new development market.”
The development site offers a zoning floor area of 228,000 square feet, resulting from two combined lots, 537 Greenwich Street / 110 Charlton Street, and air rights obtained from five adjacent and nearby properties.
Architectural firm Loci Anima in partnership with executive architect Adamson Associates have designed a luxurious modern interpretation of a traditional SoHo or Tribeca loft building for the residential project, which will also include 2,332 square feet of ground floor retail and 31 on-site parking spaces.
Residential units will average approximately 1,211 square feet with prices starting at under $1.2 million and averaging $2.79 million. Paris-based Sebastien Segers Architecture is the interior designer for the units that will offer 10-foot high ceilings, eight-inch white oak floors, full slab marble kitchens counters, and expansive stone bathrooms.
The development situated one block east of Hudson River Park in the Hudson Square neighborhood, which was rezoned from manufacturing to residential use in 2013. Transportation is available via the 1 train on Varick Street and the C and E trains on the Avenue of Americas, and access to West Street is one block away.
Strategic Real Estate, which will be the managing partner and lead developer of the project, is a wholly owned subsidiary of CSCEC Holding Company, Inc. a Delaware registered holding company 100 percent owned by China State Construction Engineering Corporation, established in 2007 and listed on Shanghai Stock Exchange since July 2009. China Construction is China’s largest construction and real estate conglomerate and largest building contractor, and has so far completed over 5,600 projects in some 116 countries and regions around the world.
Founded in 1995, Cape Advisors has completed over $1.5 billion in projects primarily located in New York City and New Jersey. Notable residential projects include 65 West Broadway, 100 11th Avenue, 30 Warren Street, and One Kenmare Square in Manhattan and the Watchcase Condominiums in Sag Harbor.