$125M Loan Awarded to NYC Luxury Building
- Dec 17, 2018
Stellar Management has received $125 million in financing for The Paris, a 191,500-square-foot apartment building with 197 high-end units in Manhattan’s Upper West Side.
“The property is a beautiful, luxury pre-war rental building with views of the Hudson River,” Matthew Lembo, Stellar Management’s chief investment officer, told MHN. “It’s one of the few rental buildings on West End Avenue and adds to our large portfolio of Upper West Side properties.”
Cushman & Wakefield facilitated the loan package, which was financed by Helaba. This is the second financing agreement between the German bank and Stellar Management, following a loan for 50 W 97th St.
Located at 752 West End Ave., the improved luxury building will feature large, open layouts, wide-plank white oak floors, walk-in closets, marble or mosaic tile bathrooms and custom cabinetry in the kitchens. Amenities include a fitness center, a brand-new children’s playroom, rooftop terrace, storage units and bike racks, doorman and an upgraded Art Deco lobby. A newly renovated pool, operated by Imagine Swimming, is scheduled to open in early 2019.
“Refinancing The Paris represents Stellar Management’s dedication to quality and excellence throughout our portfolio,” Lembo said. “We’ll be upgrading older units and continue to beautify the property.”
Expanding on the Upper West Side
Located only two blocks from the subway and two blocks from Riverside Park, The Paris is an extremely well located asset in the heart of Manhattan’s Upper West Side. It was originally constructed as the Hotel Paris in the 1930s, but reimagined into the luxury residential rental building it is now.
The Paris is right near Riverside Park and less than a block to the 1, 2, and 3 subway lines at 96th St., with easy access to numerous dining options and prime retail. The property is also close to Lincoln Center, the American Museum of Natural History and Central Park.
The Paris is just one of Stellar Management’s portfolio of more than 2,000 rental apartments on the Upper West Side. The company’s first solo ground-up development—the 197-unit, eight-story partially affordable OTTO in Brooklyn—began welcoming its first residents in May.
Image courtesy of Stellar Management