Dan Hollander, managing principal, and Josh Schuster, principal of DHA Capital, along with Steven Fisch, managing partner of Continental Properties, are converting the property into eight luxury homes
CetraRuddy, whose founding principals are the husband and wife team of John Cetra and Nancy Ruddy, will design a new façade of the 45,000 s/f building with elongated bricks and wider windows, all new interiors and an automated parking garage.
The building originally had eight floors and the new design will include 12 floors by adding a four-story sloped glass structure.
HFF arranged a $62.4 million construction loan for the redevelopment of the Greenwich Village property. HFF worked on behalf of the borrowing team of DHA Capital, Continental Properties and Ramius to secure a non-recourse loan through Apollo Commercial Real Estate Finance.
The HFF team representing the borrower was led by associate director Michael Gigliotti and senior managing director Andrew Scandalios. “12 East 13th St. has an exceptional Greenwich Village location and each unit will have a private automated parking space along with the best finishes in the market, feeding the pent-up demand for large-format, super luxury residences,” said Gigliotti. “The owner recognized this potential when purchasing the site and Apollo Commercial Real Estate Finance confirmed the borrower’s vision by providing a unique and comprehensive construction loan product.”
The project is scheduled for completion in spring 2015 and will consist of eight apartments along with street level retail.
