The Real Deal New York

Developers snag construction financing for Álvaro Siza’s first NYC condo

Developers get $155M from Madison Realty Capital, Apollo
By David Jeans | April 11, 2018 05:10PM

Sumaida + Khurana and LENY have scored a $155 million construction loan for a Hell’s Kitchen condominium tower that will be the first New York project designed by Pritzker Prize-winning architect Álvaro Siza.

The financing for 611 West 56th Street came from Madison Realty Capital and an investment fund managed by an affiliate of Apollo Global Management, sources told The Real Deal. Adi Chugh of Maverick Commercial Properties brokered the financing.

“You are just waiting for that moment when all the pieces come together,” said Amit Khurana, a co-founder of Sumaida + Khurana. “And it really has.”

The 35-story tower, at 56th Street and Eleventh Avenue, will hold 83 units and spans 160,000 square feet. Amenities include a roof garden and sun deck, as well as private terraces for some of the residents.

Sumaida + Khurana has pulled a Pritzker rabbit out of its hat before. The firm brought Tadao Ando, a Japanese architect who also won the profession’s top prize, to New York to design 152 Elizabeth Street. The Nolita project has just seven units, one of which was recently purchased by venture capitalist Matt Cohler. LENY, an Israel-based developer headed by Rudy Gabsi, has a U.S. subsidiary managed by Oded Norman. It reportedly owns a stake in a Williamsburg portfolio that includes popular beer garden Radegast Hall.

Madison has ramped up its condo construction financing of late. Its recent deals include the $300 million loan for Ceruzzi Properties and SMI USA’s 138 East 50th Street, $297 million for Fortis Property Group’s Long Island College Hospital redevelopment in Cobble Hill, and the $72 million loan for Cary Tamarkin’s 550 West 29th Street. And Apollo is backing 111 West 57th Street, the skinny supertall being developed by JDS Development Group and Property Markets Group.