NYC Condos Get $45M for Historic Restoration
- Aug 21, 2018
CIT Group Inc.’s Real Estate Finance division was the sole lead arranger of a $45 million loan to complete restoration of a historic cast iron building in Manhattan’s Tribeca neighborhood that has been converted by developer Knightsbridge Properties into 13 luxury condominium units.
Located at the corner of Franklin Street and Broadway, the nine-story project includes two penthouse units as well as retail space on the ground floor and subfloor. Prices of available units range from about $4.8 million to nearly $10 million, according to the building’s web site.
The borrower was 361 Broadway Associates Holdings LLC. The building goes by two addresses–361 Broadway and 67 Franklin St.
“We are pleased to provide financing to complete the development and restoration of this stunning architectural landmark in the heart of Manhattan,” Matt Gilligan, president of CIT’s Real Estate Finance division, said in a prepared statement. “This transaction is another example of how CIT’s financing capabilities can help maximize value for real estate investors and developers.”
Built in 1881 by James White, the building was designated a New York City landmark in 1982. It is considered one of the city’s best examples of 19th-century cast iron architecture. The neoclassical façade has intricate ornamentation that changes from floor to floor. Pritzker Prize winning architect Shigeru Ban’s challenge was to respect the historic details while creating new contemporary luxury residential spaces, including placing two glass and steel penthouses atop the structure.
Jourdan Krauss, CEO & founder of Knightsbridge Properties, had owned the building for several years before launching sales of the condos in April 2014. At that time, the firm noted it removed and then shipped over 4,000 pieces of the cast iron façade to a foundry in Alabama, where each piece was recast to restore the original design elements.
In addition to Ban, who designed the interior spaces with his partner and executive architect Dean Maltz, Knightsbridge Properties used Jan Hird Pokorny Associates, an architecture firm with a strong focus in historic preservation, on the project. Also part of the team was Front Inc., a specialist façade consulting practice, and Allen Architectural Metals Inc., which also specializes in historic preservation and restoration projects.
The units are all duplexes with the lower residences containing three, four or five bedrooms and the penthouses offering four and five bedrooms. Amenities at the building include a 24-hour doorman, fitness center, hydrotherapy spa, sauna and steam room, and dance/yoga studio. There is also a residents’ lounge, children’s playroom and courtyard. Bicycle storage and private storage for each residential unit are also available.
Tribeca Condo Activity
Always a popular submarket in Manhattan, Tribeca continues to see other condo projects such as 65 Franklin St., where HAP Investments is planning a full-service luxury rental and condominium development with a full suite of amenities. The developer is also building a similar project in Chelsea at 215-225 W. 28th St.
Earlier this month in Tribeca, Izaki Group Investments signed a 4,500-square-foot lease with Fithouse, a fitness studio, to occupy space on the ground floor of 93 Worth St., where it converted an industrial building into 93 loft condos.