Simon Baron Development Group acquired the 65-unit multifamily building at 12 E. 88th St. in New York City from Nostra Realty Corp. for $105 million, or about $1.62 million per unit.
Originally built in 1931, the 13-story Rosario Candela-designed building totals 85,839 square feet, including 1,800 square feet of office space
, on a quarter-acre between Fifth and Madison Avenues in the Upper East Side's Carnegie Hill neighborhood.
SBD intends to convert the 65 rental units into high-end residential condos.
The deal was financed in-part with a $120 million acquisition and construction loan from Goldman Sachs. Ayush Kapahi, founding partner at HKS Capital Partners arranged the non-recourse financing for the buyer on a three-year term.
HKS has partnered several times with the previously-named Simon Development Group
, including a $34 million loan for the construction of a new 250-room hotel in NoMad and $32 million acquisition funding for a rental building in Upper Manhattan.
"Obtaining non-recourse financing for this condo conversion transaction reiterates that the capital markets are very much alive and willing to take risk for the right asset and the right sponsor," said Kapahi.
Richard Baxter, Jonathan Caplan, Yoron Cohen, and Scott Latham with Jones Lang LaSalle represented the seller.
Please see CoStar COMPS #2968279 for additional information on this transaction.