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.
HFF Senior Managing Director Jay Marshall
Working on behalf of Kuafu Properties, HFF announced it secured $200 million in financing for the site’s acquisition and pre-development.
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.
HFF Associate Director Christopher Peck
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.
Earlier this year, as reported by Multi-Housing News, Kuafu Properties also acquired the luxurious 151-unit One MiMA Tower in Manhattan.
