Mixed-Use Development to Rise Across from Historic Beacon Theatre
- Feb 18, 2016
New York—Local developer Opal Holdings‘ new ground-up, mixed-use residential development is now underway as Eastern Union Funding has secured a $14.8 million non-recourse construction loan for the project. Planned to be built at 207 W. 75th St., the development will be across the street from the historic Beacon Theatre and reside between the bustling retail corridors of Broadway and Amsterdam Avenues.
Eastern Union Senior Vice President Jake Gluck and Senior Managing Director Jonathan Singer arranged the loan, which is one of many the company has closed in recent years on behalf of Opal Holdings.
Opal Holdings purchased the building in January 2015 for $13.25 million, with an $8.5 million mortgage, the New York Post reported. The seller, Felipe Coello of The Philippe at W 75th St NY LLC, had plans to convert the building into a ‘sliver’ tower containing 14 stories, but after much resistance from locals, the plans fell through, the West Side Rag reported.
The current site is two stories high and totals 5,025 square feet, which will be transformed into a new development totaling about 20,000 square feet and reaching seven stories in height, with Jeffrey Cole Architects set to design the building. Upon completion, the property will consist of 5,000 square feet of ground-level and lower-level retail, as well as full-floor luxury units (including a five-bedroom duplex penthouse). The modern building exterior and unit interiors are influenced by pre-war buildings with high-end amenities and trim.
Because of the property’s prime location near retail, transportation and entertainment, it’s expected to generate buzz among potential buyers. The Upper East Side and Upper West Side were also the strongest-selling neighborhoods in the fourth quarter of 2015, according to The Real Estate Board of New York‘s recently released Residential Report on the last quarter of 2015. Both areas closed more than double the sales volume of Midtown East and Midtown West, which were the next two most active neighborhoods.
“Demand for Upper West Side condominiums is considerable, and it’s becoming increasingly difficult for developers to find well-located parcels to build new product,” Gluck said. “As a result, interest in this construction loan was significant and we closed with a lender that has been actively trying to expand into this market.”
Image courtesy of Jeffrey Cole Architects