Alf Naman has landed the loan he needed to build his high-end condo project in the West Village.
Marathon Asset Management provided a $120 million construction loan for the seven-unit development at 125 Perry Street, the lender announced. The loan, which closed last week, is for three years and carries a floating rate.
The financing replaces a $39.5 million loan from First Citizens Bank used to acquire the property, a 40,000-square-foot parking garage, for $64.2 million from West Village Houses in 2022. Russell Gimelstob’s Ascendant Capital Partners provided $60 million in equity for the ultra-luxury development.
Marathon’s Joseph Griffin helped structure and originate the loan. A Newmark team led by Jordan Roeschlaub and Nick Scribani arranged the financing.
The projected sellout of the building, formerly referred to as 738 Greenwich Street, is $262.9 million, according to the offering plan.
The Perry Street development involves the adaptive reuse and conversion of the century-old parking garage. Naman will retain its original facade while developing two penthouses, two townhouse-style homes and three loft-style units.
Amenities at the luxury condo property will include a doorman, fitness center, pickleball court, spa facilities, sauna and a few parking spaces. Construction is expected to be completed in 2026.
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Compass’ Jim St. André and Stephen Ferrara are leading marketing efforts at the building, where four of the seven units have been sold since sales launched in February. A buyer signed the first contract that month for a unit priced at $22.5 million. The first available penthouse went into contract in March with a $57.5 million asking price.
The other two contracts signed were for units asking $32 million and $20 million, according to StreetEasy. The other three units are not publicly listed.