Tadao Ando-designed 152 Elizabeth gets construction loan

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

From left: rendering of 152 Elizabeth Street and Tadao Ando
From left: rendering of 152 Elizabeth Street and Tadao Ando

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.

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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.