World-Class Residences Joining Manhattan’s Upper West Side
- Mar 19, 2015
New York—A new 18-story luxury residential building with parking on site is coming to the Upper West Side.
Quadrum Global (Quadrum), an international investment and development firm focused on value-added properties, teamed up with Simon Baron Development (SBD) to announce Wednesday that they signed a 99-year ground lease at 267 West 87th Street to develop the 100,000-square-foot building.
A deal was secured at the end of February based on rent starting in the high-$20s. They are paying per square foot on a regular basis with annual adjustments and a reset at 20 years.
Situated between Broadway and West End Avenue, the property currently accommodates a parking garage, which the partnership plans to demolish to clear the way for development.
“We’ve been active in the New York City market for several years,” Oleg Pavlov, CEO of Quadrum, told MHN. “This deal represents another very exciting opportunity for us to unlock a property’s value by delivering world-class housing in a premier neighborhood where demand significantly outstrips supply.”
Displaying 100 feet of frontage, 267 West 87th Street is an exceptional location among one of Manhattan’s most desirable residential neighborhoods. Within a 10-block radius of the property are Central Park, Riverside Park, the American Museum of Natural History and Hayden Planetarium, the Children’s Museum of Manhattan, the 86th Street MTA subway entrance and three of New York City’s top-rated public elementary schools.
“We are excited to embark on our third project on the Upper West Side which we believe to be one of New York City’s quintessential residential neighborhoods,” SBD President Matthew Baron said. “This was a complex transaction that embodies our commitment to the pursuit of creative, value add opportunities for both ourselves and our partners.”
The duo plans to target larger family units for the site, which they believe holds high demand on the Upper West Side.
This is the fifth partnership between Quadrum and SBD and their second deal on the Upper West Side. They are jointly redeveloping a rental building at 393 West End Avenue, which will come to market in the second half of this year.
Avison Young’s Principals Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley and Vice President Jason Meister represented the landlord, Riverview Operating Co.
Quadrum and Simon Baron did not use a broker for this deal.