Timber Equities Gains $38M in Financing for NYC Redevelopment
The project will take shape on the site of a former church.
Timber Equities has obtained $37.5 million in debt financing for the acquisition of land and predevelopment of a luxury residential development that will be located in Manhattan. The project will take shape at 329-345 West 25th Street, in the West Side’s Chelsea neighborhood. The financing was placed by Simon Goldstein of Buckingham Advisors, a New York City-based boutique advisory firm specializing in placing equity and structured debt financing.
Located between 8th and 9th Avenues, the land was formerly occupied by the Roman Catholic Church of Saint Columba’s convent, rectory and school. The all-electric design is intended to provide sustainable housing in a submarket that is among the most supply constrained in all of Manhattan.
Activities in the arts district
Considered the arts district of Manhattan, Chelsea features more than 200 art galleries and museums. Shopping can be found at Chelsea Piers, the Port Authority Bus Terminal and E Walk, all within a four-minute drive from the future community.
READ ALSO: Top 5 NYC Multifamily Building Sales—June 2025
The city that never sleeps also has a forever-awake multifamily market. Earlier this week, JP Morgan acquired Riverbank, a 44-story Manhattan residential tower for $244 million, after securing $128 million in acquisition financing.
