Helen Hwang has arranged the sale of the fee position at 276 Grand Concourse to Haven Capital for $50 million and the long-term leaseback of the property via a new 99-year ground lease to the project’s developer, GC Capital Group LLC.
Situated in the Mott Haven neighborhood of the Bronx, 276 Grand Concourse is a newly constructed, 12-story, 215-unit residential property designed by ND Architecture and Design. The 70/30 building offers studios to three-bedroom units and is just four stops from Grand Central via the 4 train. The thoughtfully designed apartments feature high ceilings, smart heating and cooling systems and kitchens with stainless steel appliances. Amenities at the property include a state-of-the-art fitness center, multiple lounges, library, game room, screening room, children’s playroom, and a skyline roof terrace with grills, cabanas, and a dog run. The property also features an on-site garage, daycare and nursery school facility.
“We worked closely with the Meridian and sponsor to deliver a strategic transaction that expands the property’s capital stack,” said Joe Shanley, Head of Acquisitions, Haven Capital. “We are excited to incorporate a great asset into our portfolio.”
The Meridian team of Helen Hwang, Brian Szczapa, Yasmin Kheradpey, Karen Wiedenmann, and Isaac Filler represented the seller.
“276 Grand Concourse is an exciting and well-executed addition to Mott Haven and we are pleased that we could bring these parties together and execute this mutually beneficial structure,” said Helen Hwang, Senior Executive Managing Director and Head of Meridian’s Institutional Investment Sales Group.
Helen Hwang, Senior Executive Managing Director of Meridian’s Institutional Investment Sales group can be reached at (212) 468-5930 or HHwang@meridiancapital.com