Canyon Partners Real Estate LLC® (Canyon) has provided a $20.3 million mezzanine loan to a joint venture between KD Sagamore Capital and Ranger Properties to finance the development of 199 Chrystie Street, a 14-unit boutique condominium project in New York City’s Lower East Side.
Designed by renowned architect Thomas Juul-Hansen, 199 Chrystie Street is surrounded by restaurants, nightlife, shopping, culture, and is located across the street from Sara D. Roosevelt Park, the largest park in lower Manhattan. Many units will offer private terraces, duplexes with double-height living rooms, floor-to-ceiling windows, and semi-exclusive full-floor main entrances. Building amenities include a full-time doorman/concierge, gym, bike storage, mailroom/package room, resident storage lockers, and parking (for sale). The property is within close proximity to four subway stations servicing eight lines.
“There is so much vibrant culture and history present in the Lower East Side. The area really is a blend of old and new. Despite the transformative architectural, culinary, and artistic developments that have been introduced to the neighborhood, there is still a sense of timelessness and we are excited to be a part of it,” said Charles Dubroff, Principal, KD Sagamore Capital.
Construction of 199 Chrystie Street is scheduled to begin immediately.
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