The Real Deal New York

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

Company abandoned condo plans for the office building last year
By Will Parker | July 26, 2017 02:20PM

287 Park Avenue South and Leo Liu

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.

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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.