PCCP Provides $24 Million in Loans to Complete Staten Island Condo Construction
- Sep 28, 2011
New York—PCCP, LLC, a real estate private equity firm focused on commercial real estate debt and equity investments, announced it has provided $24 million in two loan structures to a private institutional investor for the refinance and construction completion of 155 Bay Street and 130 Bay Street Landing, two residential condominium properties in Staten Island totaling 153 units.
The properties are located on Staten Island’s North Shore waterfront, within walking distance of the Staten Island Ferry, which offers direct, 30-minute access to Manhattan, and the Tompkinsville Staten Island Railroad station, which provides access to the southern portion of Staten Island.
155 Bay Street, which is nearly complete, is a six-story ground-up development that is comprised of 52 units of a 57-unit condominium property (five units have been sold) with 19,000 square feet of ground floor retail space and two levels of below-grade parking containing 108 spaces. The first floor contains a retail area and the residential lobby, with one- and two-bedroom residential units on the second through sixth floors. Located at the intersection of Bay Street and Victory Boulevard, the property is situated one block from the water, providing water views from many of the units in the building.
130 Bay Street Landing is approximately 75 percent complete and is a 101-unit, warehouse conversion and redevelopment project consisting of approximately 132,500 square feet of residential space, 4,000 square feet of community space and 197 planned outdoor parking spaces. On-site amenities will potentially include a gym, library, game room and storage area. Prior to its redevelopment, the property was a dry storage cocoa warehouse. The six-story warehouse has since been converted with three additional floors being added.