Real estate investment firm Cape Advisors and the Deutsche Bank Commercial Real Estate Group announced the closing of a $60 million investment to fully fund the development and rehabilitation of their long-stalled condo project in Sag Harbor, N.Y., today.
The developers of the planned $100 million, 65-unit luxury apartment building at the old Bulova Watchcase Factory at Church and Division streets, will now be able to move ahead.
“We are extremely pleased that in these difficult economic times we were able to partner with Deutsche Bank in moving forward with this exciting project,” said Craig Wood, co-managing partner of Cape Advisors. “This fall, over 30 years after the Bulova Watchcase Factory closed, we will begin construction to restore this historic building and fully integrate it into the fabric of the Sag Harbor community.”
For a long time, it seemed like the project would never make it off the ground. It was finally approved in 2008 after years of deliberation, but then was subject to lawsuits over the approval and the global recession.
In other good news for the development, the Sag Harbor Village Planning Board recently allowed changes to the 2008 plan for the project that was already approved. – Katherine Clarke