JLL Capital Markets has arranged a $41.5 million financial package for a trio of developers to complete a new condominium tower at 360 West 52nd Street in Hell’s Kitchen, Manhattan. The development team includes Cadence Property Group, HOH Capital Partners, and Deal Lake Capital, who also purchased an adjacent site at 354 West 52nd Street.
The financial package will support acquisition and construction costs for the new development. When complete, the seven-story building will occupy both lots with more than 92 feet of frontage on 52nd Street. There will also be a private main entrance on 51st Street.
Permits filed for 354 West 52nd Street in July, the adjacent lot, list Thaddeus Briner of Architecture Outfit as the architect of record. They also specify the construction of a 66-foot-tall building with around 46,600 square feet of residential area.
JLL worked on behalf of the developers and secured financing through Benefit Street Partners, while HKS Real Estate Advisors represented Cadence in negotiating and closing the acquisition of 360 West 52nd Street.
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Why not taller in that area?
Likely because this falls under the “Special Clinton District.” Nearly all side streets in Hell’s Kitchen has low rise buildings because of it.
Wonder why the developers didn’t purchase the EMPTY lot with the green fence, next to 543 West 52nd, instead of creating the narrow addition onto West 51st? Maybe they could have gone higher with the project? More condos, more $$! 🤔
That empty lot was featured a few weeks ago will also be a new seven story building.
Since when is seven stories a ‘tower’??
$42M for a seven story building? Am I missing something?