Financing Lined Up for Tribeca Site

The building at 30 Warren St. will feature 23 luxury apartments across 40,629 square feet of space.

NEW YORK CITY— Eastern Consolidated ‘s capital advisory division has arranged nearly $84 million in total financing for the construction of a 12-story, 65,700-square- foot retail and residential condominium project at 30 Warren St.—aka 149-151 Church St.—in Tribeca. The package consists of a $19,050,000 mezzanine loan from Terra Capital Partners behind an approximately $65 first mortgage from Bank of the Ozarks. Adam Hakim and Sam Zabala , managing directors at Eastern Consolidated, handled the transaction on behalf of the developer, Cape Advisors . James Murad , director, financial services, served as the analyst on the deal. The building will feature 23 luxury apartments across 40,629 square feet, and ground floor and lower level retail totaling 10,858 square feet. The site includes 175-feet of frontage along the block front of Church Street, 50 feet of frontage on Warren Street, and 25 feet of frontage on Chambers Street. “This development will offer retail space totaling 5,878 net square feet on the ground floor and 4,980 net square feet on the lower level on a prime Tribeca commercial corridor, adding significant value to the project,” says Hakim. “Tribeca is one of Manhattan’s most desirable neighborhoods in which to shop, live, work, and play, and in recent years has attracted over 20 million square feet of new or converted commercial, retail, and residential development.” The apartments in the condominium will be comprised of five, one bedroom units; eight, two-bedroom units; and 10 three-bedroom units. Many of the units will include outdoor space on terraces or balconies. Cape Advisors’ recent projects include the Watchcase Factory in Sag Harbor, NY; Baron’s Cove in Sag Harbor, NY, 100 11th Ave. and One Kenmare Square in Manhattan as well as numerous properties in New Jersey including the Sandpiper Beach Club and Congress Hall in Cape May, NJ. Residential and hotel development along Church Street and at the World Trade Center has moved the center of gravity of Tribeca to the east and south, Eastern Consolidated notes. Projects that have led to this trend include Silverstein Properties ‘ 30 Park Place, the tallest residential building downtown at 82-stories, with 157 condos atop a 189-room Four Seasons Hotel below; 56 Leonard St., located five blocks north of 30 Warren St. on Church Street; and the revitalized World Trade Center site, including One World Trade, the Calatrava designed Transit Center, and the 9-11 Museum.