SK and CB Developers Receive $36.1M for UWS Project
Developers Scott Shnay and Charles Blaichman obtained construction financing for a mixed-use project at 214 W. 72nd St.
NEW YORK CITY—A partnership between Scott Shnay of SK Development and Charles Blaichman of CB Developers is constructing a 21-story, 38,000 square-foot, residential and retail building at 214 W. 72nd St. between Broadway and West End Avenue. The developers plan to tear down the five-story, vacant building currently on the site and to create a residential condominium occupying the second through 21st floors, plus ground-floor retail.
Shnay and Blaichman received a $36.1 million construction loan from Madison Realty Capital. It will refinance the existing debt, fund construction costs and cover all other expenses associated with developing the project.
“The affluent Upper West Side remains one of the most desirable residential neighborhoods in New York City and we expect significant interest in this high-profile development upon completion,” says Josh Zegen, co-founder and managing principal of Madison Realty Capital. “We believe that the mixed-use project at 214 W. 72nd St. will exceed the market’s expectations of what a residential and retail building can be in this neighborhood.”
The project’s general contractor is CM & Associates. Greenberg Farrow is the architect of record and Corcoran Sunshine is handling residential sales and marketing.
Construction is expected to take 27 months. The 1,237 square feet of ground-floor retail will be on the western side, having 11 feet of frontage along 72nd Street. The eastern portion of the ground floor will be the residential lobby.