Aug 14, 2023
Cadence acquires development site, secures financing for luxury Hell's Kitchen condo development
Cadence Property Group, in a joint venture with HOH Capital Partners and Deal Lake Capital, has completed the acquisition of 360 West 52nd Street in Manhattan and contemporaneously closed on financing
Cadence Property Group, in a joint venture with HOH Capital Partners and Deal Lake Capital, has completed the acquisition of 360 West 52nd Street in Manhattan and contemporaneously closed on financing for a proposed condominium development at the site.
The development group, under the leadership of Howard Glatzer from Cadence, purchased 360 following an earlier acquisition this year of the adjacent 354 West 52nd Street and will combine both properties to develop a seven-story, luxury, residential condominium building at the location.
JLL Capital Markets arranged $41.5 million in acquisition and construction financing for the proposed condominium project located between 8th and 9th avenues in Manhattan’s Hell’s Kitchen neighborhood. JLL worked on behalf of the borrower, securing financing through Benefit Street Partners. HKS Real Estate Advisors represented Cadence in negotiating and closing the acquisition of 360 W 52nd Street.
The new development, situated near the Theatre District, Columbus Circle and Hudson Yards, will provide residents with a unique and expansive private garden – a rare amenity in the heart of Manhattan. The completed building, boasting a commanding 92.5 feet of frontage on 52nd Street and a unique private main entrance on 51st Street, will be a compelling addition to the Hell’s Kitchen submarket.
In 2018, Cadence Property Group developed the Sorting House, a 30-unit condominium project on the same block, which sold out in record time within months of completion. This new project is being designed by Architecture Outfit, constructed by Titanium Construction Services, and marketed by Brown Harris Stevens Development Marketing, all key members of the successful Sorting House development.
“I am thrilled to be getting my team back together to develop in Hell’s Kitchen and on this block again after our enormous success at the Sorting House. Given the rare through-block configuration of our site, this new project will deliver a unique combination of homes with private outdoor spaces, resident gardens, abundant light and air, and superb layouts, all catering to those seeking affordable luxury in NYC,” said Howard Glatzer. “In addition, Benefit Street and my advisors at HKS and JLL were great to work with. Getting things closed smoothly in this environment is no easy task.”
The JLL Capital Markets Debt Advisory team included Senior Managing Directors Evan Pariser and Aaron Niedermayer. Peter Carillo, Principal and Senior Managing Director of HKS Real Estate Advisors, represented the purchaser in the acquisition.