$100M Funds Two Construction Projects

[IMGCAP(2)]Eastside 77 Associates LLC was represented by Jeff Schwartz at Wolf Haldenstein Adler Freeman and Herz LLP and Laura Sherman of Goodwin Proctor LLP. The lenders were Bank of America and PNC Bank and were represented by Paul Mackey at Schiff Hardin LLP. The 20-story building will consist of retail on the first floor and will have 32 apartments above.

The building at 303 E. 77th St. and 1480 Second Ave. the two lots, which were formerly occupied by two four-story walk ups. Schwartz tells GlobeSt.com that the developer purchased the two lots along with air rights from the buildings to the north and the east. The two buildings have now been demolished and construction has begun. The site to be built will consist of a retail unit--approximately 2,705 sf--and 32 residential units--approximately 50,000 sf. Units will range in size from 1,250 sf through 2,500 sf. The condominium will be called the Isis Condominium. An offering plan has been filed and was accepted by the NYS Attorney General's Office, Schwartz explains. Construction is estimated to be completed by July 1, 2009.

800 Tenth Ave LP was also represented by Jeff Schwartz at Wolf Haldenstein Adler Freeman and Herz LLP and Andrew Charles and Joe Bartlett of King and Spaulding LLP. The buildings were the former site of the SONY Music Studios and were purchased by the JV for an undisclosed price. The lenders are Bank of America and Helaba Bank. The developers will be building a mixed-use building consisting of retail on the first floor and approximately 95 apartments above.

The property at 800 Tenth Ave. consists of three lots. According to Schwartz, the developer plans to construct a retail unit consisting of approximately 11,000 sf and 95 residential units totaling 121,000 sf. The layouts have not been finalized and no offering plan has been filed yet. Completion is expected in April 2010, Schwartz says.