The Wilf family’s Skyline Developers secured a $112 million construction loan to begin building an Upper East Side condominium.
The firm announced the Wells Fargo loan will allow it to start construction on a 19-story, 45-unit, Cetra Ruddy-designed condo at 200 East 79th Street, at the southeast corner of Third Avenue. Sales are slated to launch in the fall under Stribling Marketing Associates.
“This development, both in quality and location, is an excellent example of the type of project Wells Fargo is committed to,” said Kevin Poppe, senior vice president of Wells Fargo, who also noted the bank has a longstanding relationship with the Wilf family.
As The Real Deal previously reported, Skyline, which typically favors rental development, debated internally whether to build for sales or rentals. But because of rising land costs and the rebounding sales market on the Upper East Side (as evidenced by the success of the Toll Brothers’ Touraine, Wilf ultimately decided to go sales.
The building will also have a 6,300-square-foot ground-floor retail space, the developer said. — Adam Fusfeld