NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announces $20 million in financing for 140 West 81st Street, a boutique residential condominium project in Manhattan’s Upper West Side.The HFF team worked on behalf of the developer, Ekstein Development Group (EDG), to place the floating-rate construction loan with S3 Capital Partners.140 West 81st Street is currently improved by a five-story church originally built in 1893, which will be redeveloped into a for-sale residential property while retaining the first and lower level for church space.
Designed by DXA Studio, the property will integrate the façade and high ceilings of the existing church to create one-of-a-kind, full-floor units. Plans also include adding two additional floors on top of the existing structure for a total of five four- to five-bedroom homes averaging more than 3,700 square feet.
The property is located two blocks from the 1, 2, A, B and C subway lines and less than a block west of the American Museum of Natural History and Central Park.The HFF team included managing director Christopher Peck, senior director Peter Rotchford and managing director Rob Hinckley.
About Ekstein Development Group: Ekstein Development Group, founded by Erik Ekstein, is a privately owned company specializing in real estate development. EDG owns and manages an extensive portfolio of residential property concentrated in the New York metropolitan area. In addition, EDG has a variety of commercial businesses such as storage, music studios and recreational space.EDG focuses on building and developing residences that appeal to the diverse lifestyles of its residents. The company portfolio ranges from unique and charming but affordable rental properties to newly constructed ultra-luxury condominiums, all of which encompass an array of deluxe building amenities. The company’s developments include buildings in Chelsea, Midtown East, the Upper West Side and Long Island City with upcoming projects in Brooklyn. In addition, EDG owns two construction companies, E&T Skyline Construction and TyJor Construction, which develop and build the majority of EDG real estate. With each project, the company exemplifies distinction and quality in construction, design and urban planning and consistently displays a stellar record of efficiency in all financial phases.
About S3 Capital Partners: S3 Capital Partners is an active private lender in New York City and the surrounding markets. With vast experience in development and construction, a deep understanding of the market and a committed pool of capital at the ready, S3 possesses the capacity to act quickly and brings its clients’ vision to life. For more information, please visit s3cap.com.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.