Canyon Capital Realty Advisors Funds $31 Million Loan for Luxury Mixed-Use Development in NYC

LOS ANGELES, CA - Canyon Capital Realty Advisors LLC (Canyon) has provided a $31.1 million senior loan to a New York-based developer for the construction of a new mixed-use project at 10 Bond Street in the heart of Manhattan’s highly coveted NoHo district. Designed by Selldorf Architects, the project will consist of eleven luxury residential cooperative units and a retail condominium. The property is located along a charming cobblestone street that is widely recognized as one of the most sought after residential addresses in Lower Manhattan.

The seven-story building will feature a terra cotta and weathered steel façade, and include a mix of two and three bedroom units, including a penthouse with a private rooftop and a two-story maisonette with street-access, a garage and private garden space. The unit layouts will take advantage of the building’s location at the corner of Bond Street and Lafayette Street, with all homes enjoying considerable light, with views of the landscaped rear courtyard. The 4,900 square-foot retail condominium will have both ground floor and cellar space as well as ceiling heights ranging from 16 feet to 28 feet.

“This was a highly compelling deal for Canyon based on the project’s prominent location, the strength of the local market and most importantly, the developer’s reputation for delivering top-tier residential projects,” said Canyon Principal, Jonathan Roth. “We continue to be very interested in the Manhattan residential market, and are pleased that our construction financing will pave the way for a transformation of an underutilized site into a true residential jewel box.”

The development team, comprised of a joint venture between SK Development, Ironstate Development, and the Chetrit Organization, plans to begin construction on the site immediately, with project completion anticipated by the first quarter of 2015.

“This project will be a significant addition to the neighborhood and complement the architectural integrity of the other recent new developments along Bond Street,” said Scott Shnay of SK Development. “We have assembled a world class design and team for the project, and Canyon was able to quickly understand our vision.”