Parkview Financial has provided a $12.35 million construction loan for a modular apartment property on the Lower East Side.
The 12-unit 330 Grand Street being designed and manufactured in Turkey and then shipped to the site and installed.
“The Lower East Side is one of Manhattan’s most coveted neighborhoods with an array of shops, top restaurants, and nightlife amenities,” said Paul Rahimian, CEO with Parkview Financial. “We see this quality project as a solid addition to the submarket and anticipate a significant amount of buyer interest once it is complete.”
TIAA-CREF acquired the site as 330 Grand LLC for $6 million in 2017 and demolished the low-rise properties to make way for a new six story apartment property and will totaling 14,757 s/f. The 12 units will range from 696 to 1,213 s/f with a six one-bedrooms and six two-bedrooms. Units will feature luxury kitchens with high-end appliances, granite countertops, in-unit laundry, hardwood floors, and private keyed elevator access. The two penthouse units will have rooftop terraces and the two ground floor units will have private yards.
Other on-site amenities will include a fitness center, storage units, and a bicycle storage room. The average per-unit sale price is anticipated to be approximately $1.7 million.
Located in Manhattan’s Lower East Side on the north side of Grand Street between Orchard Street and Ludlow Street, the fully entitled property will be developed on a 2,936 s/f lot which is currently vacant. The design in Turkey started immediately at loan funding, and installation is anticipated to be completed within six months.