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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Company Arranges $30.4 Million Mezzanine Construction Loan for Luxury Condominium in Manhattan’s Flatiron North Neighborhood
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Thursday, July 21, 2005
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New York, NY
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Sonnenblick-Goldman, acting on behalf of Clarett Capital, has arranged a $30.4 million mezzanine construction loan for the Sky House at 11 E. 29th Street. Clarett is developing a 54-story, 139-unit luxury condominium on the site, which overlooks the landmarked Church of the Transfiguration. ASB Capital Management, Inc. provided the funding. The total project cost is approximately $165 million.
“Flatiron North is destined to be Manhattan’s next chic residential neighborhood,” says Dan Hollander, Managing Director of Clarett. “Residents are able to enjoy both a downtown lifestyle and ‘walk-to-work’ convenience.”
“Clarett’s construction, finance and marketing team has proven its ability to deliver superior condominiums at commensurate price levels,” says Steven A. Kohn, president of Sonnenblick-Goldman Company.
Sky House will be located just a few blocks from Madison Square Park and multiple subway lines. Because of the site’s location adjacent to the church, residents will have exceptional light and views. The unit mix and apartment layouts will appeal to a wide range of buyers, including young single professionals, “empty nesters,” first-time buyers and small families. Sky House will also feature a fitness center, a children’s room and tenant storage.
Sonnenblick-Goldman Company also recently placed a $17.5 million mezzanine construction loan with the same lender for Clarett’s Chelsea House condominium development at 130 West 19th Street. Sonnenblick-Goldman also arranged financing for the formation of Clarett Capital in 2003.
In December 2002, The Clarett Group formed Clarett Capital, LLC in conjunction with Prudential Real Estate Investors (PREI), to develop rental and condominium properties. Clarett Capital is currently developing six New York City properties as well as one Los Angeles property. 2770 Broadway, a 22-story luxury condominium on the Upper West Side is open for occupancy and construction has begun on Place 57, a 36-story luxury condominium featuring a Baccarat lobby and crystal garden located at 207 East 57th Street. Construction has also begun at Chelsea House on West 19th Street and at Sky House, a 54-story luxury building on East 29th Street.
ASB Capital Management, Inc., headquartered in Washington, D.C., has investments in over $1 billion in real estate assets across the country totaling in excess of 10 million square feet.
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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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