The Real Deal New York

Tamarkin lands Taiwanese loan for UWS conversion

CL’s 2014 investment wasn’t publicized

September 19, 2016 03:04PM
By Konrad Putzier

Rendering of 555 West End Avenue and Cary Tamarkin

UPDATED, Sep. 20, 2:43 p.m.: Cross-strait relations between the two Chinas appear better than ever — at least when it comes to investing in New York real estate.

Cary Tamarkin partnered with Chinese investment company CL Investment Group on his Upper West Side conversion project at 555 West End Avenue and landed a $35 million construction loan from Taiwan’s Chang Hwa Commercial Bank, property records filed with the city Monday show.

CL Investment Group, formerly known as Cheerland Investments, appears to have been part of the project since 2014, when Tamarkin bought the landmarked, six-story former Catholic school from the Archdiocese of New York for $50 million, but its involvement wasn’t publicized at the time.

Tamarkin could not immediately be reached for comment.

Last June, Tamarkin won landmarks approval to convert the building into condominiums and add a seventh floor.  Construction permits have yet to be approved by the Department of Buildings.

CL also owns the 130,000-square-foot office building at 287 Park Avenue South, property records show.

Chinese firms have invested heavily in New York residential developments over the past year. For example, the U.S. arm of Shanghai Municipal Investment recently bought a $300 million stake in Extell Development’s Central Park Tower project and is partnering with Ceruzzi Properties on a $1 billion condo development at 520 Fifth Avenue. Meanwhile, the proposed condo at 100 Varick Street could become the first major New York project to land equity, mezzanine and senior financing all from China.

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