DEAL OF THE DAY: High-End Residences in Manhattan Land $200M Financing
HFF lends a helping hand for the acquisition and pre-development of a luxury residential tower in Manhattan.
By Adriana Pop, Associate Editor
New York—A luxury residential tower with ground-floor retail and expansive views of Central Park will soon rise at 51 East 60th St., directly across from Bloomingdale’s flagship location in Manhattan.
151 East 60th Street is a 19,684-square-foot parcel with 200 feet of prime frontage along East 60th Street, adjacent to the 59th Street/Lexington Avenue subway station in Manhattan’s Midtown East retail corridor.
Kuafu’s plans for the property call for the construction of a high-end residential tower, which will include approximately 40,000 square feet of retail space. The undeveloped land has zoning square footage that can accommodate a development of up to 350,000 square feet. The project is expected to break ground in March 2017.
Led by Christopher Peck and Jay Marshall, HFF’s debt placement team arranged a floating-rate loan with Mack Real Estate Credit Strategies.
“It was a pleasure to advise Kuafu Properties in this transaction so it could successfully capitalize the acquisition and pre-development of an irreplaceable development opportunity. This facility will provide the requisite liquidity to prepare for vertical construction of an iconic tower in a prime location within Manhattan,” Peck said.