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Thread: 20 Pine Street - Condo - by Graham, Anderson, Probst & White / Renov: Gruzen Samton

  1. #31

    Default 20 Pine gets more ca$h

    Article from Multi-Housing News: www.multi-housingnews.com

    Apollo Real Estate Advisors Provides $90M Loan for Luxury Condo Community

    By Kelly Sheehan, Online News Editor

    NOVEMBER 16, 2006 -- New York -- Apollo Real Estate Advisors’ debt investment fund, Apollo Real Estate Finance Corp. (AREFIN), has provided $90 million in mezzanine financing for 20 Pine, a 38-story building located in Manhattan’s financial district that is being converted into luxury condominiums. The building, built in 1928 and designed by Graham, Anderson, Probst & White Architects, was the former headquarters of Chase Manhattan Bank.

    AREFIN’s loan was part of the planned second-stage financing of the project and will repay existing acquisition mezzanine financing and a portion of the renovation costs. AREFIN structured and underwrote the $90-million financing, syndicating a $45-million senior participation interest and retaining the $45-million subordinate portion of the loan.

    The New York-based Leviev Boymelgreen Developers and Gruzen Samton LLP, a local architecture firm, began the renovation in July of 2005. Armani/Casa has provided the interior design of the building. Upon completion in the summer of 2007, 20 Pine will consist of 408 units. More than 60 percent of the residences are currently sold.

    Units will feature 10-ft. ceilings, ebony-stained hardwood floors, high-end wooden cabinetry, stone countertops and oversized windows offering views of the Hudson River. Select residences will have terraces.

    Residents will have access to a library, rooftop terrace, pool, spa, yoga studio, golf simulation room by Full Swing Golf, billiards room, club lounge with health bar, fitness facility and concierge services from Quintessentially, an international firm. Subway transportation will be directly accessible from the building.

    Neighboring tenants will include Delmonico’s Steak House, Bobby Van’s Steak House, BMW Showroom, Brasserie Les Halles, Bull Run Restaurant, and Tiffany and Co.

    Copyright 2005 Multi-Housing News

  2. #32

    Default

    Article from Yahoo Finance:

    Apollo Fund Finances New York Residential Development

    Wednesday November 15, 10:06 am ET


    NEW YORK, Nov. 15 /PRNewswire/ -- Apollo Real Estate Advisors' debt investment fund Apollo Real Estate Finance Corporation (AREFIN) has provided $90 million in mezzanine financing for the 20 Pine-The Collection residential development.

    AREFIN's financing for 20 Pine was part of the planned second stage financing of the project and will repay existing acquisition mezzanine financing and fund a portion of the cost of renovation. AREFIN structured and underwrote the $90 million financing, syndicating a $45 million senior participation interest while retaining the $45 million subordinate portion of the loan.

    "This financing exemplifies the tailored financing solutions and transitional assets that are the focus of AREFIN's lending efforts," said Bradford Wildauer, Apollo partner.

    Apollo formed AREFIN in 2006 to expand its lending and debt investment activities. Leveraging Apollo's real estate investment expertise, AREFIN provides customized single-source and subordinate financing solutions for clients with complex needs.

    Located in the financial district of Manhattan, 20 Pine is a 38 story building that was formerly the headquarters for Chemical Bank. The building is being converted to 408 luxury residential condominiums by Leviev Boymelgreen Developers. Renovation of the building began in July 2005 while condominium presales commenced in January 2006 and to date sales contracts have been executed for more than 60% of the residential units.
    "20 Pine is among the premier residential developments in lower Manhattan. The excellent pace of sales is a testament to the quality of the project and the expertise of Leviev Boymelgreen," added William McCahill, Apollo partner.

  3. #33

    Default Any news?

    Is the building still scheduled for completion in June 2007? Anyone have the latest sales figures? I read somewhere that it was 70% sold but can't confirm this.

  4. #34

    Default princing at 20 pine street

    any update on pricing? do they require 10% and 10%?

  5. #35

    Default Article from The New York Sun by: Jay Akasie

    Young Brokers: Spend Big, Michael Shvo Advises

    By JAY AKASIE
    Special to the Sun
    March 1, 2007


    It's difficult to imagine a time in the New York real estate world when Michael Shvo was an outsider who made a living renting small studio apartments for Prudential Douglas Elliman. His first year as a real estate salesman, he rented 300 apartments in 365 days.

    These days, Mr. Shvo is a hot commodity. The 35-year-old Israeli immigrant spoke at Esther Muller's Real Estate Academy yesterday to a room filled with power brokers paying to hear how he has redefined the marketing practices of Manhattan's top properties. Two years ago he founded Shvo Marketing, a firm that caters to young, affluent audiences who he claims are changing the face of high-end real estate sales.

    Mr. Shvo said that when he would flip through real estate sections in newspapers, he would see an interior photo of a kitchen, a photo of a steel and glass exterior, and — inevitably — a smiling couple. He began to wonder how such a cheesy, cut-and-paste advertising philosophy sold anything, not to mention high-profile luxury properties.

    "I don't need somebody telling me an apartment has granite countertops," Mr. Shvo said. "Every luxury apartment has granite countertops. I want to be told that my apartment is about Jade Jagger or Giorgio Armani and the kind of lifestyle that's associated with these designers."

    "My head of marketing used to be the head of marketing for Brioni suits," he said. "That's why we produce things that don't look like real estate products."

    One of his best-known projects is 20 Pine Street, once a drab office building in Lower Manhattan. Over the past few years, this white-brick building has morphed into an Armani-designed showplace. The crowd Mr. Shvo is interested in attracting consists of what he calls "greenbloods": young, hip people with money to burn but without stodgy social hang-ups that might be held by their "blueblood" counterparts.

    Spending marketing funds wisely might more important than ever: Of the three million apartments in Manhattan, only a fraction are condos and co-ops, according to Mr. Shvo. " New York is a rental market. There's huge room to expand in the condo market," he said.

    "My office on Fifth Avenue overlooks the Louis Vuitton store," he said to the class of brokers and salesmen. "It probably has $5 million in inventory, yet Louis Vuitton likely spent $30 million to create the flagship store. Now when you consider there's a half-billion in inventory at 20 Pine Street, why would the extent of your investment be a small model of the project on a conference table?"

    Mr. Shvo said the demand for unique properties would never let up. That's why he said quality buildings and marketing campaigns are crucial for luxury real estate brokers.

    "A few years ago, everybody was investing in real estate because it was the trendy thing to do. Now everybody wants to be a developer, which is a dangerous thing. A lot of projects — two I'm thinking of specifically — are going to go bust," he said.

  6. #36

    Default Hmmmm....

    Quote Originally Posted by Domoarigato View Post
    "A few years ago, everybody was investing in real estate because it was the trendy thing to do. Now everybody wants to be a developer, which is a dangerous thing. A lot of projects — two I'm thinking of specifically — are going to go bust," he said.

    I wonder which two he is talking about? Any stats on how 20 pine is doing?

  7. #37
    Senior Swanky Peteynyc1's Avatar
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    Default

    ^^ Probably the Gramery by Starck hehe

  8. #38
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Gotta love Michael -- like many great salespeople, he thinks that selling is fun!

    20 Pine appears to be rolling along. Looks like many of the 1-BRs went. There are still some available big, higher-end studios (1,000 square feet for around $900K) and some 1,800 square foot lofts that are listed around $2.5M.

    ali r.
    {downtown broker}

  9. #39

    Default re:Shvo

    Are you kidding? Shvo is the sales/marketing agent for Gramercy Star.. why would he think that it will go bust?

  10. #40
    Senior Swanky Peteynyc1's Avatar
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    Yes I was kidding.

  11. #41

    Default Downtown Jen

    Article from the New York Post Online: Page Six TM By. Richard Johnson with Paula Froelich and Bill Hoffmann and Corynne Steindler - Oct. 5, 2007

    October 4, 2007 -- JENNIFER Aniston has snatched up an apartment at 20 Pine, The Collection - the Armani/Casa-designed condo building in the Financial District that used to house Chase Manhattan Bank offices. Apartments there are priced as high as $4 million. Aniston's so excited about her purchase, a building insider says she's been bribing workmen to take her up in the construction elevator so she can repeatedly check out her pad.

  12. #42
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    aargh! I can't believe a celeb bought in FiDi and I wasn't there to expedite it!

    Anybody know who the broker was?

    ali r.
    {downtown broker}

  13. #43

    Default

    Quote Originally Posted by Domoarigato View Post
    Article from the New York Post Online: Page Six TM By. Richard Johnson with Paula Froelich and Bill Hoffmann and Corynne Steindler - Oct. 5, 2007

    October 4, 2007 -- JENNIFER Aniston has snatched up an apartment at 20 Pine, The Collection - the Armani/Casa-designed condo building in the Financial District that used to house Chase Manhattan Bank offices. Apartments there are priced as high as $4 million. Aniston's so excited about her purchase, a building insider says she's been bribing workmen to take her up in the construction elevator so she can repeatedly check out her pad.

    wow - that is prety amazing. i would think she would get a much bigger place (don't think there is anything there that big)

  14. #44
    Forum Veteran Tectonic's Avatar
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    20 Pine, in a Canyon.

    12/15/2007




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