New York – June 17, 2015 – (RealEstateRama) — Rose Associates announced today that it has closed a $182 million loan funded by the issuance of bonds provided by the New York State Housing Finance Agency for the development of a new luxury rental property in Manhattan. The bonds were purchased by Wells Fargo, M&T Bank, and TD Bank. The loan will facilitate the construction of 7 West 21st Street, an 80/20 development led by New York City-based Friedland Properties.
“We’re pleased to have helped coordinate the financing for this new development,” said Michael Kaczynski, senior vice president of Wells Fargo. “It is exciting to be working with Rose Associates and Friedland Properties on what is certain to be a fantastic residential property.”
Located on 21st Street between Fifth and Sixth Avenues, 7 West 21st Street will offer a total of 288 rental apartments in studio-, one- and two-bedroom configurations. There will be 230 market-rate apartments and 58 low-income apartments set aside for households earning up to 60 percent of New York’s Area Median Income.
“I am thrilled to embark on this significant new development in the heart of the historic Flatiron District,” said William Friedland of Friedland Properties. “Construction is underway and excavation and foundation work has been completed with marketing set to begin in the fourth quarter of 2016.”
The development will consist of two 18-story properties, one fronting West 21st Street and the other fronting West 22nd Street. The two towers will be connected by a large first-floor lobby. Amenities planned for 7 West 21st include a resident club with lounges, game rooms, fitness center, children’s room and rooftop landscaped area.
Principals of Rose Associates are partners in the development of 7 West 21st Street and acting in the capacity of developer. The firm will also be the exclusive leasing and management agent for the property.
“We are excited to introduce this highly designed building by renowned architect Morris Adjmi,” said James Hedden, chief development officer of Rose Associates. “We believe this will be one of the most exciting rental buildings in New York City, combining location, design and luxury.”
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose is currently transforming the historic skyscraper at 70 Pine Street into a luxury rental property with 644 residential units and 132 extend-stay apartments.
