Developers Receive $40M Loan to Redevelop UWS Synagogue Into Condos
Landsea Homes and Leyton Properties are proceeding with the ground-up development at 212 W. 93rd St.
NEW YORK CITY—Landsea Homes and Leyton Properties closed on a $40 million senior construction loan provided by BofI Federal Bank for 212 W. 93rd St. The construction financing was arranged by Ackman-Ziff Real Estate Group LLC.
The developers are building a 14-story, luxury condominium at the site of a 179-year-old synagogue, which had housed the Shaare Zedek congregation since 1923. The ground-up project is designed by Eran Chen of ODA New York. It will include 20 residences above a new 9,350 square-foot synagogue. It is expected to break ground in September 2018.
In October 2016, DNAInfo had reported that at a community board 7 meeting, neighborhood residents had opposed the project, asserting it would block light and air. However, the synagogue’s president Michael Firestone said that the congregation was in a financially dire situation and had to sell the building. A source close to the transaction tells GlobeSt.com that developers purchased the property for $34.3 million.
The congregation has vacated the premises and is temporarily meeting at the Franciscan Community Center at 214 W. 97th St. It will return to the new facility at 212 W. 93rd St. when the construction is completed, which is anticipated in spring 2020.
The entrance of the synagogue will have a limestone exterior with a concrete base and bronze detailing. The condominium will have a modern design with a glass-enclosed lobby framed in black steel.
“We are thrilled to close this transaction as it marks an important milestone for Landsea Homes’ first ground-up, new development project in Manhattan and for our partnership with Leyton Properties, BofI and Ackman-Ziff,” said Thomas Graham, SVP of Operations at Landsea Homes.