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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Seeks $25 Million Construction
Financing for Two Manhattan Residential Developments
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Friday, May 04, 2007
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New York, NY
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Sonnenblick Goldman has been exclusively retained by AS Realty Partners to arrange the $25 million construction financing for the development of two luxury apartment buildings in lower Manhattan: 135 Crosby Street in SoHo and 372 Lafayette Street in neighboring NoHo. The properties will sit on individual lots and are available to be financed together or individually.
Both buildings are being constructed using a revolutionary high-design/low-cost prefabricated modular system that will serve to significantly lower both hard and soft construction costs, as well as cut overall construction time due to the speed of factory production. Additionally, AS Realty Partners will be seeking a LEED Silver rating for both projects, which will be built to "Green" specifications.
“Unless you have a historical basis in a site, there are not that many opportunities to finance luxury ground-up apartment buildings because of current land values and high construction costs,” said Dave Karson, director at Sonnenblick Goldman. “However, the cutting-edge modular technology being used here makes this project possible and may have a major impact on the way developers look at land development going forward.”
135 Crosby Street will be an eight story residential building that will feature 11 luxury rental units and ground-floor retail. The building will feature unique exterior elements, most notably a floating section interlocked with a slender eight-story glass, terra-cotta and metal tower.
372 Lafayette Street will consist of eight luxury rental units, including two duplex penthouse apartments, through its five floors. The façade of 372 Lafayette Street will also incorporate unique design with a full-height glass curtain wall with red-painted frames facing Lafayette Street and a red corrugated metal rain-screen façade on the north side facing Great Jones Street.
AS Realty Partners is a privately held real estate investment, development and management firm that specializes in luxury residential projects throughout Manhattan. The firm is currently involved in the development of several other residential projects in Downtown Manhattan, including 209-211 Hester Street, also known as the Grand Machinery Exchange.
For more information please contact Dave Karson at 212-841-9211 |
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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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