Developer Plans Tribeca Condo

NEW YORK CITY-A locally based developer has acquired a Tribeca site and will transform it from a 74,000-sf rental building into a condominium complex. The property is currently a six-story building occupied on the lower level by Megu, a Japanese cuisine restaurant. The unnamed borrower intends to immediately convert the building.

The also locally based Multi Capital Group arranged and closed an 18-month loan facility for $32 million in connection with their client’s purchase of 137-141 Duane St., which is also known as 92 Thomas St. MCG’s Eli Verschleiser says the firm was able to get the lender to close the transaction within three weeks of bringing the deal to them. For the most part, everything’s converted, and developers are moving east to old office buildings around City Hall Park and into the North-West corridor, west of Hudson street, where some vacant space still lingers un-marketed,” according to a real estate investment banker at Multi Capital.

MCG executives identified the client as a “a leading multifamily/office building owner and operator for over 30 years who owns and/or manages more than five million sf of real estate in the tri-state region. The developer has a proven track record of successfully developing and repositioning properties in all of the Tri-State markets. The client has extensive experience with all aspects of multifamily real estate including: land assemblage and planning, construction rehabilitation and residential condominium conversions.” Vincent Nicoletta, Esq. from Greenberg Nicoletta & Stein LLP represented the developer and James Hausman, Esq. from Meister Seelig & Fein LLP represented the lender.