|By Marketwired .||
|June 27, 2014 10:58 AM EDT||
NEW YORK, NY -- (Marketwired) -- 06/27/14 -- New York City based real estate development and investment firm, The Bauhouse Group, today announced that is has secured a $35 million construction loan with Doral Bank and is set to begin construction at 515 West 29th Street.
Situated in one of the most sought-after locations, the property is the only site in Manhattan framed on two sides by the High Line and at the gateway to the Hudson Yards.
"We are pleased to have a project that is fully financed through completion," said Joseph Beninati, Managing Member of The Bauhouse Group. "Doral is a traditional balance sheet lender that is long accustomed to working with experienced general contractors and professionals on prominent Manhattan condo and retail projects such as ours." Mr. Beninati also noted that the team will soon announce the project's design architect and release exterior renderings of 515 West 29th Street.
"This project's unparalleled location, coupled with the large amount of equity that Bauhouse brought to the closing, created a very attractive and low risk development opportunity," added Mark Wolfson of Wolfson Capital, who arranged the acquisition and construction financing with Doral Bank on behalf of The Bauhouse Group. "Joe Beninati and his team recognized that this location was a real gem and the sponsor's tremendous experience over decades was attractive to the capital markets and enabled Bauhouse to meet the challenges unique to this acquisition," he said.
The Bauhouse Group closed on the six-story former warehouse property for $24.4 million in September 2013 and purchased three separate pieces of air rights for the building in March 2014 for $6 million to enable additional square footage. Once completed, the property will total approximately 43,000 gross square feet of space.
515 West 29th Street is slated to begin sales in fall 2014 via its exclusive broker Corcoran Group led by Noble Black's team. More information is available at www.515w29thst.com.
The Marino Organization
Dec. 5, 2016 01:15 PM EST Reads: 2,002
Dec. 5, 2016 01:15 PM EST Reads: 2,150
Dec. 5, 2016 01:00 PM EST Reads: 830
Dec. 5, 2016 12:45 PM EST Reads: 653
Dec. 5, 2016 12:34 PM EST Reads: 126
Dec. 5, 2016 12:30 PM EST Reads: 935
Dec. 5, 2016 12:30 PM EST Reads: 2,281
Dec. 5, 2016 11:45 AM EST Reads: 917
Dec. 5, 2016 11:38 AM EST Reads: 176
Dec. 5, 2016 11:30 AM EST Reads: 781
Dec. 5, 2016 11:30 AM EST Reads: 760
Dec. 5, 2016 11:15 AM EST Reads: 936
Dec. 5, 2016 11:00 AM EST Reads: 660
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Dec. 5, 2016 10:30 AM EST Reads: 642
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Dec. 5, 2016 10:30 AM EST Reads: 279