The Real Deal New York

Charles developer secures $86M construction loan

February 05, 2013 12:00PM

Bluerock Real Estate, the developer of the Charles condominium at 1355 First Avenue, has secured an $86 million construction loan for the project from Starwood Property Trust, it announced today.

The 31-story luxury condominium development is already underway, with Bluerock having broken ground on the site in November 2012. Foundation work is currently ongoing.

Upon completion, the Ismael Leyva-designed building, located between East 72nd and East 73rd streets, will include 29 private full-floor three-, four-, and five-bedroom residences with floor plates of 3,100 to 3,600 square feet.

Town New Development Marketing and Sales has been selected to market the property, which is slated for completion in 2014. –Katherine Clarke