A Broadway Medley: From Commercial Loft to Luxury Condos
- Aug 03, 2015
809 Broadway Holding LLC, a partnership of three Israeli investors led by Ariel Rom, has landed a construction loan for a new residential project at 809 Broadway in Manhattan.
As reported by the Commercial Observer, Natixis Real Estate Capital provided the $30 million loan in a debt deal negotiated by Iron Hound Management’s Christopher Herron on behalf of the borrower. The financing follows a $14 million acquisition loan also provided by Natixis in early 2014, and paves the way for a 15-story residential condominium that will be developed in two phases by New York-based IDM Capital.
809 Broadway will occupy a 5,033-square-foot lot between 11th and 12th streets south of Union Square in Greenwich Village. The site was purchased by 809 Broadway Holding LLC from pool table manufacturer Blatt Billiards in February 2014 for $24 million in a transaction brokered by Joe Berko—founder and president of Berko & Associates—who represented both the buyer and the seller. The site is currently occupied by a five-story building that will be incorporated into the residential development.
Designed by ODA Architecture, the $55 million project calls for a 40,000-square-foot building that will comprise 10 luxury condos starting from the second floor—including a duplex and a triplex penthouse on the top floors—,as well as 5,000 square feet of street-level and underground retail space and outdoor terraces.
Construction at 809 Broadway is scheduled for completion in 2017 or 2018, the Commercial Observer reported.
Rendering via ODA Architecture