Global Holdings Invests $52.5M in Rockefeller Group’s NoMad Condo
The Rockefeller Group last year acquired three buildings to demolish and to construct a new development at 30-36 E. 29th St.
NEW YORK CITY—Global Holdings Group has made a $52.5 million preferred equity investment in Rockefeller Group’s development at 30 E. 29th St. in Manhattan. The property which stands between Park and Madison avenues is one of the three buildings which Rockefeller Group acquired for approximately $98.7 million last year.
Rockefeller Group planned to raze the buildings to construct ground-up. In May 2017, at the time of the deal, a Rockefeller Group spokesman told GlobeSt.com that they were actively evaluating residential and office development opportunities throughout the city. He noted an increased demand for new product near Madison Square Park.
Global Holdings notes that the new construction at 30 E. 29th St. will be a luxury condominium. It will replace the current structure that was built in 1903, according to PropertyShark. CetraRuddy has been selected for the architecture and interior design. The firm is known for designing the conversion of the 1929 Walker Tower into luxury condominiums and the new construction of the high-end, residential condo tower One Madison in the Flatiron District.
LendLease is the project’s general contractor. The construction company has built 432 Park Avenue and MoMA Tower at 53W53. Rockefeller Group declined to provide additional details on the specific purposes of Global Holdings’ recent investment.
Eyal Ofer, chairman of Global Holdings Group, notes it is the organization’s second preferred equity investment in a major New York City project in less than four months. This deal follows the closing of a $100 million preferred equity investment in the office development at 25 Kent in Williamsburg, Brooklyn.
“NoMad has rapidly become one of the most desirable neighborhoods in New York City, and we are delighted to be working with a strong sponsor like Rockefeller Group on such a world-class property,” says Ofer.
Global Holdings owns the approximately 800,000 square-foot Nomad Tower located at 1250 Broadway, which is within a 10-minute walk of the E. 29th Street project.