NEW YORK CITY-A joint venture of two major Spanish development firms is making its first foray into the US residential market with plans for a 139 luxury condominium units at 39 E. 29th St. The condo, when complete, will include a mix of studio, one- and two-bedroom units.
Espais Promocions Immobiliares and Landscape Promocions Immobiliares may not be common names on the corner of 29th and Park, but the two firms are decades-old developers in Spain that have between them more than $4 billion in real estate assets they own or manage. Most of that is focused on residential, office and hotels.
The East Side deal closed a week ago, when the JV took over the land of the now-vacant site from the former owner, Lawrence Rubin Cos. Perseus Realty Capital provided the $100 million in acquisition and construction funding.
According to Perseus vice president Lindsay Stroud, ground is expected to break on Nov. 1 for the 140,595-sf building. Delivery is anticipated for 18 months after.
The Washington, DC-based Perseus provided the capital for the deal on a non-recourse, three-year floating-rate basis. Stroud could not reveal the lender. He did explain, however, that Perseus hooked up with the JV through a referral.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
