Canyon Partners Real Estate LLC has invested $21.1 million to finance the construction of luxury condos in Long Island City, a New York City neighborhood. CBSK Ironstate is the developer on this project with Planet Partners serving as co-developer. In addition to Canyon’s investment, CBSK has secured $61.8 million in financing that was arranged by Maverick Capital Partners‘ Adi Chugh.
Los Angeles (September 27, 2017) – Canyon Partners Real Estate LLC® (“Canyon”) provided $21.1 million of preferred equity to fund the construction of a luxury condominium building in Long Island City, one of New York City’s fastest growing neighborhoods. CBSK Ironstate, a highly-experienced New York-based sponsor, is the developer. Argentina-based Planet Partners is the co-developer. In addition to Canyon’s preferred equity investment, CBSK Ironstate secured a $61.8 million senior construction loan, which was arranged by Adi Chugh of Maverick Capital Partners.
Canyon has a long history of investing in the New York City area, having committed over $600 million in 21 investments through senior loans, mezzanine loans, preferred equity and common equity since 2005. This transaction represents Canyon’s eighth investment with CBSK Ironstate.
“This development will bring an attractively-priced for-sale product to help meet the high demand for condominiums in Long Island City, a hub of commerce and creativity,” said Scott Shnay, CBSK Ironstate Principal. “Having previously worked with Canyon on numerous successful projects, we are excited for the opportunity to bring this established team back together.”
The development is located at 21-30 44th Drive, in the heart of Long Island City’s Court Square neighborhood. It is a short walk to the Long Island City waterfront, MoMA PS1, CUNY School of Law, One Court Square and four subway stations servicing six lines (E, M, 7, N, W, G). Long Island City is transforming from a largely industrial area into a dense, mixed-use neighborhood known for its thriving arts community, waterfront parks and excellent proximity and transit connectivity to Midtown Manhattan and Brooklyn. Several nearby projects are currently under construction or in the planning stage, including the five-building Gotham Center, the Cornell Tech campus, and a number of rental apartment buildings.
The eight-story building will feature 85 residential units, with each unit averaging approximately 1,000 square feet. Interior features will include wood flooring, marble kitchen countertops, high-end appliances including in-unit washers and dryers, and central air conditioning. Select units will have private outdoor space and views of Manhattan.
The property offers 20 parking spaces, 22 storage lockers and eight rooftop cabanas. Common area amenities include a 24-hour attended lobby, mail and package room, stroller parking, a pet wash station, bike storage, fitness center, children’s playroom, residents’ lounge, a viewing courtyard landscaped with a Zen garden and a landscaped common roof terrace with a bocce ball court. The project also includes approximately 16,000 square feet of retail space located on the ground and lower levels.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6.5 billion of capital in over 260 commercial real estate and mortgage transactions with a total capitalization of $17.1 billion through its distinct real estate investment platforms.
Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages approximately $23 billion of assets. For more information visit: www.canyonpartners.com.
About CBSK Ironstate
Development partners Charles Blaichman, Abram and Scott Shnay, and Michael and David Barry (“CBSK Ironstate”) collectively have over 100 years of experience in the fields of development, construction, property ownership and management in New York City and New Jersey real estate. Their portfolio includes some of the area’s most admired and notable developments. The partners have established themselves as leaders in the industry and have a strong commitment to design excellence and quality construction.
This commitment is evidenced in such acclaimed developments as 173/176 Perry Street (designed by Richard Meier), The Urban Glass House – 330 Spring Street (designed by Philip Johnson and Annabelle Selldorf), 40 Gansevoort Street (The Theory Building designed by Morris Adjmi), 301 East 50th Street (designed by CookFox), 10 Bond Street (designed by Annabelle Selldorf), the W Hotel and Residences – Hoboken (designed by Gwathmey Siegel), and The Shipyard – Hoboken (1,100 waterfront residences designed and master planned by Beyer Blinder Belle).