CL Investment secures $55M in financing for 287 PAS renovation

Company abandoned condo plans for the office building last year

New York /
Jul.July 26, 2017 02:20 PM

Less than a year after it bailed on a $300 million condominium plan, Chinese developer CL Investment Group is moving forward with the renovation of existing offices at 287 Park Avenue South, having scored a $55 million construction financing package, records filed with the city Wednesday show.

The lender, Taiwan-based Hua Nan Commercial Bank, extended the debt across three separate loans.

CL, formerly known as CheerLand, bought the office building at 287 Park Avenue South in 2014 for $128 million. It first intended to convert the property to residential, filing a 40-unit condo offering with units averaging about $7 million a pop. A penthouse was said to have a $17.5 million ask. The company scrapped the condo plan in November and announced that it would instead keep the building commercial.

The property at 287 Park Avenue South, also known as the United Charities Building, was built in 1893 and declared a national historic landmark in 1991.

In February, CL sold a one-third stake in Ben Shaoul’s condo conversion at 385 First Avenue, another sign that the company remains bearish on condo development in New York.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
(Facebook via The Palms Hotel Fire Island)
Fire (Island) sale: Palms Hotel hits the market
Fire (Island) sale: Palms Hotel hits the market
Trump International Hotel D.C. and Donald Trump (Getty, Trump Hotels)
Trump could profit $100M in DC hotel sale
Trump could profit $100M in DC hotel sale
Related's Stephen Ross and the Chelsea-Elliott Houses (Getty, Wikimedia)
Related wades into NYCHA — and becomes a target
Related wades into NYCHA — and becomes a target
Enterprise President and CEO Priscilla Almodovar (Getty)
Enterprise closes low-income housing funds after raising $365M
Enterprise closes low-income housing funds after raising $365M
WeWork CEO Sandeep Mathrani (Mathrani/Wikipemedia, Getty)
WeWork says it must correct financial statements
WeWork says it must correct financial statements
601 Madison Ave. and Ben Soleimani (Google Maps, Ben Soleimani)
Ben Soleimani leases 12,000 square feet on Madison Avenue
Ben Soleimani leases 12,000 square feet on Madison Avenue
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...