Friday, May 19, 2006

More Condos Will Dot Uptown Landscape

Date: Fri, 19 May 2006 08:51:59 -0400
From: "Tenant" View
Subject: UWS and Harlem towers

More Condos Will Dot Uptown Landscape
By Barbara Jarvie
(To read more on the multifamily market, click here.)

NEW YORK CITY-A joint venture has won a $206.5-million loan for the construction of a 210,213-sf mixed-used condominium community at the southeast corner of West End Avenue and West 70th Street. The loan will cover all the construction costs minus the equity put in.

Hypo Real Estate Capital Corp. secured the financing. The property is being developed by Clarett Capital LLC, which is a joint venture between the Clarett Group and Prudential Real Estate Investors and with ING/Clarion. The 27-story condominium will include 191 apartment as well as 27,000 sf of retail and a 76-car parking garage. No construction timetable has been announced.

This is the second transaction Hypo and Clarett worked on. In December, the company completed a $138.7-million loan for the construction of a residential tower at 11 East 29th St. Hypo is a subsidiary of Hypo Real Estate Bank International. Over the last five years, the firm has closed more than $22 billion of loans.

In another condo effort, Athena Group will start construction this summer on 111 Central Park North, a 19-story, 47-unit condominium complex. It will be the first high-rise residential building on Central Park North. Hillier Architecture is designing the site.

Peter Schubert, design principal at Hillier Architecture says the �decidedly modern building that marks a new generation in Harlem�s rich and historic past.� The building will offer two- and three-bedroom units as well as two, four-bedroom penthouses. It will have 47 units, including two duplex penthouses, a fitness center, a party room and a public, wrap-around garden terrace with raised viewing platform. There will be underground parking and 9,000 sf of retail space. Athena has completed or is currently developing residential condominium development, redevelopment, and conversion projects with a combined area of about 5.8 million sf and a project cost of $1.5 billion.

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