A joint venture of Cadence Property Group, HOH Capital Partners and Deal Lake Capital has acquired a site in Manhattan for the development of a seven-story luxury condominium building. The trio also closed $41.5 million in acquisition and construction financing for the project. JLL arranged the funds through Benefit Street Partners, while HKS Real Estate Advisors brokered the land sale on behalf of the buyer.
In April, the developer team acquired a larger site adjacent to their current asset, for approximately $15 million. Plans call for the construction of the 32-unit projects on the two adjoined lots, as reported by PincusCo.
Architecture Outfit is in charge of design, Titanium Construction Services will serve as general contractor, while Brown Harris Stevens Development Marketing will advertise the community. The same team was involved in the realization of Sorting House, another condo project by Cadence, delivered in 2018 on the same block.
Located at 360 W. 52nd St. and adjacent to the previously purchased 354 W. 52nd St., the site is part of the Hell’s Kitchen neighborhood. It is close to Central Park and less than 2 miles from the Empire State Building, also being within walking distance of Time Square and Carnegie Hall.
JLL’s Senior Managing Directors Evan Pariser and Aaron Niedermayer secured the financing, while HKS Principal & Senior Managing Director Peter Carillo represented the joint venture in the land acquisition. Earlier this year, another condo project rising in Manhattan‘s Gramercy Park neighborhood landed an $80 million construction loan.
