A joint venture of Grand Cru Real Estate (GCRE) and Visabe has secured $52.5 million in construction financing. These funds are designated for the development of a condominium building on Manhattan's Upper East Side, as learned by Commercial Observer. S3 Capital provided the loan to realise the developers' 28-unit condominium project at 1527 York Avenue.
The 20-storey building, located at the corner of York Avenue and East 81st Street, will comprise 28 condominiums. The units range from one-bedroom apartments to five-bedroom residences. Amenities planned for residents include a full-time doorman, a fitness centre, a recreational lounge, and a children's playroom.
Targeted Development and Familiar Partnership
Shawn Safdie, Head of Loan Origination at S3 Capital, noted that condominium buyers on the Upper East Side represent a specific target group. A building with 28 units and floor plans of up to five bedrooms is precisely tailored to this clientele. He explained that GCRE understands this buyer demographic, and the successful completion of a previous project gave S3 Capital the confidence to collaborate with them again.
Oak CM will serve as construction manager and general contractor. Construction is scheduled to commence in early 2027. Steven Jemal, Senior Managing Director of Origination at S3 Capital, emphasised that his company had previously financed a condominium project for GCRE at 439 East 77th Street, four blocks south of the current site. Due to the prior cooperation and knowledge of the submarket, they were familiar with the team and location from the outset.
Continued Commitment to the Location
Salomon Cojab, Principal of GCRE, explained that the development team is being expanded with Jack Cattan and Robert Salame as additional Principals. He described the endeavour as a promising opportunity for GCRE and Visabe to expand their presence on the Upper East Side following the completion of the project at 439 East 77th Street. Cojab added that they continue to demonstrate faith and commitment to the neighbourhood by providing new high-quality residences that will hopefully become long-term homes.
