Holliday Fenoglio Fowler arranged a joint venture for the development of 69 West Broadway, a ground-up luxury condominium project in Lower Manhattan’s trendy Tribeca neighborhood.
HFF worked on behalf of the developer, Cape Advisors, Inc. and Forum Absolute Equity Partners, a private equity fund based in New York, to arrange the investment with a European fund, which contributed in excess of $21 million toward the total project cost of approximately $120 million.
69 West Broadway will occupy the block between Warren and Murray Streets at West Broadway in Tribeca. This location, convenient to the 1, 2, 3, A and C Chambers Street metro stations as well as the newly completed, Santiago Calatrava-designed World Trade Center Transportation Hub, is being designed by BKSK Architects. The eight-story building will have 24 luxury units situated above ground-floor retail.
HFF’s equity placement team was led by senior managing director Eric Anton.
“It is always a pleasure to work with the creative team at Cape Advisors, and I am happy that HFF was able to aid in the funding of their latest endeavor,” Anton said.
“Given the current challenges in securing capital for condominium development, this deal is a testament to the quality of the location, development team and long-term strength of New York City’s residential market.”
