Est4te Four lines up $50M in loans for Red Hook condo conversion

Firm bought warehouse at 160 Imlay Steet for $25M

TRD New York /
Jul.July 16, 2014 05:20 PM

Est4te Four, the Los-Angeles based developer that is turning a former warehouse in Red Hook into 70 luxury condos, obtained $50 million in loans to move forward with the conversion.

The developer, which bought the industrial space at 160 Imlay Street for $25 million in 2012, obtained the loans from Turin-based banking group Intesa Sanpaolo, according to property records filed on Wednesday.

Separate records indicate the bank loaned the developer a total of $50 million, including a $40.8 million construction loan, a $1.2 million project loan and an $8 million acquisition loan.

Led by CEO Alessandro Cajrati Crivelli, who moved to California from Italy, Est4te Four plans to turn the former New York Dock Building into 70 loft-style condos, according to the building’s website.With 12- to 16-foot ceilings, the condos will have Italian touches throughout, such as steel window frames and 10-foot doors made in Italy. The kitchens were designed with Italian manufacturer Dada Molteni.

Patty Larocco of Douglas Elliman is marketing the property, which is set to be completed in the summer of 2016. Calls to Larocco and Est4te Four weren’t immediately returned.

In July, Est4te Four bought a parking lot at 62 Ferris Street and a parcel at 219 Sullivan Street, its fourth development site in Red Hook. Its portfolio already included 1 million square feet of Brooklyn industrial properties, including 202 Coffee Street, which will be converted into a mixed-use space.


Related Articles

arrow_forward_ios
Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, EDI International, and Azimuth)

The top 10 biggest real estate projects coming to NYC

California passes landmark rent control law

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

The construction giants catching a Windy City windfall

David Marx of MDG Real Estate and the site at 71-05 Parsons Boulevard in Queens (Credit: Google Images and iStock)

Here’s a weird one: David Marx plans towers at Queens site he bought from his own company

Resi scorecard: Brooklyn and Queens condo inventory through June 2019

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Jeff Bezos and Amazon HQ in Silicon Valley (Credit: Getty Images)

Why Amazon HQ2 is already rattling the local housing market

arrow_forward_ios