M&T Bank has provided Corigin Real Estate with $147m in mortgage financing for the development of a residential condominium project on the Upper East Side of Manhattan.
The 17-story building at 20 East End Avenue will feature 43 luxury condos designed by Robert A. M. Stern Architects, the same firm behind the renown 15 Central Park West and the up-and-coming – and ultra-expensive – 520 Park Avenue.
It’s just the latest in a string of condo developments bound to benefit from the improved economy and an infusion of capital from foreign buyers. While not boasting prices as high as Stern’s other projects, the condos will hit the market this fall at figures starting at $4.5m and exceeding $25m for its penthouses.
The building design draws inspiration from 1920s residential apartment houses, a personal favorite of Stern’s, with a mix of amenities including a wood-paneled library curated by the architect himself, a billiard room, poker room, bar, wine cellar, a 3,000-square-foot gym and a motor court for unloading cars.
Corigin closed on its purchase of the site, formerly home to a seven-story Art Deco office building occupied by the City University of New York, for $61.75m in January of last year. CUNY had occupied the 70,502 sq ft building since its purchase in 1958, but the building met its demise with the inception of Corigin’s ground-up condo development, which is slated for completion in the summer of 2016.
Given the nature of the previous tenant, it had seemed plausible that Corigin might create new dormitories at the location; the firm has renovated or built several student housing building in New York and thousands of student housing units in New York City buildings. But it has also developed residential (non-dorm) properties, include Tribeca’s The Sugar Lofts at 79 Laight Street and Soho’s The Loft at 30 Crosby Street.
New York City property records show that M&T provided a roughly $85.7m building loan mortgage and a $15.7m project loan mortgage, in addition to the modification and extension of an existing land loan mortgage in the amount of $45.5m. The firm, which is developing the project with partner Florida East Coast Realty, would not disclose additional information on the loans or their terms.