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SMA secures $56M construction financing for new Gramercy rental

JLL Capital Markets secured $56 million in construction financing for the development of 202 East 23rd Street, a mixed-use, passive house designed rental tower in Gramercy Park.

The 108-units property, located on the corner of Third Avenue and 23rd Street, is being built by SA Equities. The loan was placed with Bank Leumi USA. JLL senior managing director Evan Pariser represented the borrower.

202 East 2rd Street is a 20-story, 90,000 s/f, mixed-use residential building that will consist of 80 market-rate units and 28 affordable studio, one- and two-bedroom apartments.

Built under the Affordable New York 421-a program, the property will feature a passive house design along with high-end amenity spaces and ground-floor retail. The passive house design provides superior air quality with optimal eco-friendly climate control.

The project is being developed on two adjacent lots, offering 47 feet of frontage along Third Avenue and 100 feet of frontage along East 23rd Street. Building features will include bike storage, 24/7 doorman services, package room, tenant lounge, shared workspace, fitness center, roof deck and a 20th floor lounge.

The property is two blocks from the 4 & 6 subway lines and only three blocks from the N, Q, R, and W lines providing direct access throughout Manhattan and the outer boroughs.

“We are thrilled to be developing an environmentally friendly project in the heart of the most prestigious neighborhood in New York City, Gramercy,” said Samy Mahfar, co-principal of SMA Equities.

SAMY MAHFAR

“We believe passive house and environmentally conscious developments are the way of the future. This is our fourth residential ground up project consisting of an affordable component in New York but the first Eco-friendly to passive house standard”

“This project highlights SMA Equities’ success, diligence and resilience throughout the battle of the pandemic,” said Pariser. “This property combines distinct architectural elements and passive house features that will prove to be remarkably comfortable for residents in addition to being highly energy efficient.”

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