search

The Real Deal Logo

Trending

JLL tapped to market Gas Company Tower in DTLA for saleJLL tapped to market Gas Company Tower in DTLA for saleArbor modifies $1.9B in loans as delinquencies keep risingArbor modifies $1.9B in loans as delinquencies keep risingBrad Pitt to unload historic home in Los Feliz for $40MBrad Pitt to unload historic home in Los Feliz for $40MLuxury condos escape new dev’s sales pinchLuxury condos escape new dev’s sales pinch
Development
New York

Cadence Property cooking up condo development in Hell’s Kitchen

Developer scores $41.5M construction and acquisition loan for seven-story project

Cadence Property Group’s Howard Glatzer; aerial of 360 West 52nd Street and 354 W 52nd Street (Cadence Property Group, Getty)
Cadence Property Group’s Howard Glatzer; aerial of 360 West 52nd Street and 354 W 52nd Street (Cadence Property Group, Getty)

More condos are on the menu for Hell’s Kitchen.

Howard Glatzer’s Cadence Property Group has scooped up 360 West 52nd Street, with $41.5 million in acquisition and construction financing from JLL Capital Markets.

The purchase is the second half of the developer’s plan to combine the property with a parking lot at 354 West 52nd Street, which it purchased from Bright Management in June for $15.5 million, to create a seven-story, 32-unit condo building.

The project will consolidate 92.5 feet of frontage along the Theatre District cross street and will span 55,000 square feet, according to city filings. 

It will offer one-, two- and three-bedroom units with spaces ranging from 950 square feet up to 3,000. Units are expected to start at pricing around $1.4 million, Crain’s reported in May.

Sign Up for the undefined Newsletter

Benefit Street Partners provided the loan, arranged by JLL brokers Evan Pariser and Aaron Niedermayer, for the recent acquisition.

It’s the group’s second foray into the Theater District after the smash success of their first condo project, The Sorting House, just 120 feet up the block at 318 West 52nd Street. That 30-unit condominium, perched atop a USPS post office, wrapped up construction in the Winter of 2017 and sold out all of its units within four months.

Although 360 West 52nd Street has sat as a seemingly vacant storefront for the better part of two decades, it used to house a cornerstone of New York’s media machine in the days before the internet. 

Hotalings News Service, founded in 1905, carried daily newspapers and magazines from around the globe. Business quickly went south with the dotcom boom, and the company shuttered in June of 1999, according to New York history blog, Lost City.

The property, which has changed hands between the Moskowitz family since the early 1970s per public record filings, is transforming at a time of increasing uncertainty in the lending market. Cadence managed to skirt that drama, however, with assistance from Benefit Street, HKS and JLL.

Read more

Companies and People
Cadence Property GroupJLL Capital MarketsHoward Glatzer