Tadao Ando-designed 152 Elizabeth gets construction loan

Deutsche Bank provide $40M in financing for Sumaida + Khurana’s Nolita project

Aug.August 04, 2015 02:10 PM

Sumaida + Khurana secured a $40 million construction loan from Deutsche Bank for its Tadao Ando-designed condominium project at 152 Elizabeth Street in Nolita, The Real Deal has learned.

The seven-story, 32,000-square-foot property will feature seven apartments ranging in price from $5.9 million to $15 million. Compass’ Leonard Steinberg is marketing the units.

The apartment building will be the first one in New York designed by Ando, a Pritzker Prize-winning Japanese architect known for his minimalist work.

Saif Sumaida and Amit Khurana, the partners behind the development firm, bought the site at the corner of Kenmare and Elizabeth streets for $21 million early last year. The firm is also developing a 160,000-square-foot condo tower at 611 West 56th Street in Hell’s Kitchen to be designed by Alvaro Siza, another Pritzker Prize-winning architect.

Sumaida + Khurana declined to comment.

Saif Sumaida recently made headlines with a legal dispute over the financing of another condo project, Hudson Rise at 462-470 11th Avenue on the far West Side, in which he was involved through his role as a partner of Siras Development. Siras worked on the project in cooperation with Kuafu Properties and Sean Ludwick’s BlackHouse Development, but the partnership fell apart earlier this year, resulting in a flurry of lawsuits. Kuafu accused Siras of failing to secure funds for the project, while Siras accused Kuafu of plotting to kick the firm out of the partnership.

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