269 West 87th Street
Upper Westside, Manhattan
Deal Type: Inventory
Project Type: Leasehold Co-Op
Location: Upper West Side, Manhattan
Investment Size: $38M
Property Size: 60,212 NSF / 24 Units
The Sponsor acquired the site from St. Joseph’s Roman Catholic Church of Brooklyn in March 2018 and simultaneously entered into a 99-year ground lease. The project has all of its approvals and is zoned as of right. The Sponsor’s business plan is to construct an 88-unit, five-story Class B+ apartment complex and refinance the loan via traditional CRE lenders.