Development of 12 residential condominiums
New York, NY
Parkview Financial has provided a $12.35 million construction loan to New York-based 330 Grand LLC, for the development of 12 residential condominiums at 330 Grand Street, New York, NY. Located in Manhattan's Lower East Side on the north side of Grand Street between Orchard Street and Ludlow Street, the fully entitled property will be developed on a 2,936-square-foot lot which is currently vacant. The project is unique as it is being developed via a hybrid modular construction method with the modular portion being designed and manufactured in Turkey and then shipped to the site and installed. The design in Turkey started immediately at loan funding, and installation is anticipated to be completed within six months.
The 330 Grand Street project is planned for six stories and will total 14,757 square feet (sf). The 12 units will range from 696 sf to 1,213 sf with a unit mix of six one-bedrooms and six two-bedrooms. The units will feature luxury kitchens with high-end appliances, granite countertops, in-unit laundry, hardwood floors, and private keyed elevator access. The two penthouse units will feature rooftop terraces and the two ground floor units will have private yards. Other on-site amenities will include a fitness center, storage units, and a bicycle storage room. The average per-unit sale price is anticipated to be approximately $1.7 million.
“The Lower East Side is one of Manhattan’s most coveted neighborhoods with an array of shops, top restaurants, and nightlife amenities,” said Paul Rahimian, CEO with Parkview Financial. “We see this quality project as a solid addition to the submarket and anticipate a significant amount of buyer interest once it is complete.”
The Lower East Side benefits from being situated within the New York City Metropolitan area, the largest employment hub in the country. Since the mid-2000s, the area has experienced rapid gentrification and a significant amount of new development.