Deutsche Bank backs condos at historic Schumacher building

Deutsche Bank has provided $84.2m in loans to Stillman Development for The Schumacher at 36 Bleecker Street, a historic Civil War-era building that developer Roy Stillman has transformed into luxury condos, Real Estate Capital has learned.

Deutsche Bank has provided $84.2m in loans to Stillman Development for The Schumacher at 36 Bleecker Street, a historic Civil War-era building that developer Roy Stillman has transformed into luxury condos, Real Estate Capital has learned.

SchumacherThe loan takes out an original $84.7m acquisition loan Deutsche Bank provided Stillman in December of 2012, when Stillman paid $45m to purchase the seven-story building, implementing an intricate redevelopment and restoration. Deutsche Bank declined to comment.

Today the redeveloped building, dating back to 1885, boasts 20 two- to four-bedroom residences; the priciest is a 4,500 sq ft penthouse apartment, said to have hit the market with a $25m sticker price, sitting within a signature triangular pediment crowning the building,

The restoration was inspired by a 1904 photograph showing the pediment, which was later destroyed. Morris Adjmi Architects ultimately recreated the work of the original architect, Edward Raht. The property was originally home to the Schumacher and Ettlinger lithographic printing business.

 

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