GE Capital provides $81m loan for condo conversion

GE Capital Real Estate has provided an $81.1m mortgage loan to Gaia Real Estate for the firm’s $147m acquisition of 144 apartments at The Corinthian building at 330 East 38th Street, Real Estate Capital has learned based on city property records. Texas and New York-based Gaia purchased the units in the 57-story, 817-unit tower from the […]

GE Capital Real Estate has provided an $81.1m mortgage loan to Gaia Real Estate for the firm’s $147m acquisition of 144 apartments at The Corinthian building at 330 East 38th Street, Real Estate Capital has learned based on city property records.

CorTexas and New York-based Gaia purchased the units in the 57-story, 817-unit tower from the family of former New York Governor Elliot Spitzer for $147m, the records show.

The firm plans to renovate, rebrand, and sell the units as a collection of individual residences, and the redevelopment will include high-end finishes and the combination of units to create more spacious layouts, the firm said.

In Dec. 2013, Gaia acquired the entire 50th floor of the building from pharmaceutical firm Pfizer. It is currently nearing completion of a gut renovation of that floor, which will result in 15 additional luxury units.

In a statement released earlier this month announcing the acquisition, Gaia Managing Partner Danny Fishman said: “Previous knowledge of both the building and the area are poised to give Gaia and its investors a tremendous advantage in executing our business plan.”

Spitzer’s family developed the building in the 1980s, completing its construction in 1987 and opening in 1988. The 1.1m sq ft property occupies a full block between First and Second Avenues and between East 37th and 38th Streets.

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