Timour Shafran of Capin & Associates in front of the Hamilton Heights building where he has a syndication deal pendingFrom the October issue: It’s a deal that blends the American Dream with a touch of globalization, and hints of a bubbling trend.
Fifty-three Chinese-Americans pooled $160,000 each to buy a corner at Delancey and Pitt streets on the Lower East Side for $8.5 million this summer. They each plan to contribute $240,000 more to fund the construction of a 53-unit condo to replace the auto shop that is there now, said seller Anthony Marano, a principal at Ozymandius Realty.
“Fifty of the units are already spoken for,” Marano told The Real Deal. “It’s not a building that will be vacant or unfinished. We wish we could have done it, but there’s no construction financing to speak of.” [more]
