Strategic Capital Forms Joint Venture for Multifamily Development in NYC
NEW YORK CITY — Strategic Capital has made a $140 million equity investment for a multifamily development in the Hudson Square neighborhood of Manhattan. Strategic’s investment consists of equity and mezzanine components invested in a joint venture with Cape Advisors and Forum Absolute Capital Partners (FACP). Strategic Capital will co-develop the property with Cape Advisors. Strategic Capital is the investment arm of China Construction America (CCA), which is the American subsidiary of China State Construction and Engineering Company (CSCEC). The site is located at 110 Charlton St. and 537 Greenwich St. When complete, the project will span 280,000 square feet with 170 residential units, ground-floor retail and parking. Plaza Construction, an affiliate of Strategic Capital is the general contractor for the project. Construction will begin in June and sales for the condominiums will begin in spring 2018.