NEW YORK — A partnership between Megalith Capital Management, Urban Realty Partners and The Carlyle Group has secured construction financing from Bank Leumi USA for the more than $100 million development of 200 Water St. and 177 Front St. in New York. The partnership is planning a six-story condominium building at 200 Water St. and a 105-unit apartment building at 177 Front St.
Tel Aviv-based Bank Leumi is providing $72.5 million in financing for the development, according to business news website CommercialObserver.com. The partnership has not announced the source of the remaining funds, but it is known that The Carlyle Group will commit equity to the projects.
“We are pleased to have a new equity partner and construction lender as we move forward with our continued goal to create new condominium residences and rental apartments within the context of this emerging New York City neighborhood,” says Sam Sidhu, CEO of Megalith.
Megalith acquired three contiguous parcels — the 200 Water St. and 177 Front St. lots, as well as a third at 173 Front St., all located in the Down Under the Manhattan Bridge Overpass (DUMBO) neighborhood — from the Jehovah’s Witnesses organization in 2013 for $30.6 million. Earlier this week, Megalith sold the three parcels to a limited liability company controlled by the partnership for the same amount.
The Front Street lots are both currently vacant, whereas 200 Water St. holds a warehouse. The apartment building at 177 Front St. will offer one- to three-bedroom residences, as well as a fitness center, bike room and children’s playroom.
The condominium property at 200 Water St. will feature mostly three-bedroom units, as well as a fitness center and two stories of penthouse units. Ari Aufgang of Aufgang Architects is serving as architect on both projects.
“We have assembled an impressive team, and these new financing partnerships come at an exciting time as we enter the next phase of the projects’ development,” says Shelly Listokin, managing member of Urban Realty Partners.
New York-based Megalith Capital Management is a residential real estate developer and owner focused on New York City properties. The company owns and manages approximately $300 million in real estate assets.
Also based in New York, Urban Realty Partners is a commercial developer that constructs, rehabilitates and repositions commercial, residential and mixed-use properties in the New York City metro area.
The Carlyle Group, founded in 1987 in Washington, D.C., is a global alternative asset manager with more than $199 billion in assets under management.
— John McCurdy