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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES FINANCING FOR THE DEVELOPMENT OF 500-UNIT APARTMENT BUILDING ON ROOSEVELT ISLAND IN NEW YORK CITY |
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Wednesday, November 03, 2004
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New York, NY
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Sonnenblick-Goldman Company, serving as exclusive advisor to Becker and Becker Associates, has arranged equity financing of approximately $145 million for the development of Octagon Park Apartments, a 500-unit rental apartment building to be constructed in the northern section of Roosevelt Island, on the East River in New York City. The financing, provided by a union pension fund, represents approximately 85% of the total budgeted cost of the project.
The Octagon Park Apartments complex is being developed on the five-acre site of a former city-owned hospital, which was constructed in 1839. The new development will consist of two 13-story wings attached to an eight-sided, domed central structure that will include the lobby and other common space. The central structure will be a rehabilitation of the sole portion of the hospital that is still standing on the site; this structure, which is known as the Octagon Tower, is an official New York City landmark and is listed on the National Register of Historic Places.
The apartment complex will also include underground parking, six tennis courts, a swimming pool, and an ecological park. The property site, which is directly across from the area between East 78th and East 80th Streets in Manhattan, borders esplanades along the East River on both its east and west sides.
Becker and Becker Associates is a real estate development and architectural firm headquartered in Fairfield, Connecticut. The firm, which was founded in 1950, has extensive development experience in the New York metropolitan area, with a particular focus on historic renovations. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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