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NEW YORK CITY-JBC Fund I is eyeing New York City as the target town for its first development outside of Chicago. The fund, managed by the John Buck Co., is joint venturing with locally based Madison Equities to break ground on a $77-million luxury apartment building in the spring of ’03. Completion is targeted for the fall of ’04.

Parent company Buck will handle the development, financing and lease-up for the project–which is apparently a jumping-off point for Buck’s national expansion. “This deal is exactly the type of transaction our JBC Fund I has been searching for to expand our presence beyond Chicago,” says Buck principal Kent Swanson. “Our long-range strategy is to have Fund I portfolio properties in a number of the nation’s 24-hour cities like New York; Boston; Washington DC; and, of course, Chicago.”

Madison Equities pulled together the land assemblage for the project–at the southeast corner of E. 92nd St.and First Ave. The dirt adjacent to the site would also be the future home of a mixed-use project that would include a 226-key hotel and 40,000-sf medical arts building.

While the development is Buck’s first venture outside of Chicago, the firm has been dealing some big numbers in its hometown, most recently with the $415-million sale of the 1.3-million-sf UBS Tower to Rreef Funds. Lend Lease was Buck’s JV partner in the building.

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