Madison Realty Capital Lends $52M for East Village Project
Opal Holdings plans to bring 50 residential units, retail and a community space to a long-vacant Manhattan site.
New York—A mixed-use development in Manhattan’s East Village can now get underway thanks to a $52 million first mortgage loan provided by Madison Realty Capital. The real estate investment firm provided the loan for the acquisition of the development site and construction of an approved 76,259-square-foot mixed-use project on the land.
Plans for 644 E. 14th St. include 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, as well as 21,575 square feet of community space.
The loan will help Opal Holdings close on the site acquisition and fund pre-development activities and construction of the building. Opal purchased the site of the former R&S Strauss auto shop, which closed in 2009, from Rabsky Group this past July for $23 million. Rabsky Group had demolished the warehouse there to make way for a 15-story project with residential units and a community facility, but instead sold the site, The Real Deal reported.
“This is an exciting opportunity to provide a full financing package for the shovel-ready development in an outstanding Manhattan neighborhood,” said Josh Zegen, managing principal of MRC.
Opal is also finalizing a lease with a major New York hospital to occupy the entire community space portion of the building.
The community’s residential units will offer large balconies with East River views, and will be directly across from the mammoth residential community Stuyvesant Town.
In addition to this project, Opal is developing a mixed-use residential project across from the historic Beacon Theatre on Manhttan’s west side.