Global Holdings Makes $53M Pref Equity Investment in NoMad Luxury Condo Development
By Cathy Cunningham October 1, 2018 1:08 pm
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Eyal Ofer’s Global Holdings Group has made a $52.5 million preferred equity investment in Rockefeller Group’s 46-story luxury condominium development at 30 East 29th Street, Commercial Observer has learned.
“We are excited to announce our second preferred equity investment in a major New York City project in less than four months,” Ofer, the chairman of Global Holdings Group, said in prepared remarks. “NoMad has rapidly become one of the most desirable neighborhoods in New York City, and we are delighted to be working with a strong sponsor like the Rockefeller Group on such a world-class property.”
Permits for the 639-foot-tall, 226,350-square-foot building—which will sit between Park and Madison Avenues—were approved in June, as first reported by New York YIMBY. When completed, the property will house123 residences, including three duplexes. Amenities are set to include a pool, a fitness center, a squash room, and bike storage for 70 bicycles.
CetraRuddy—also behind Related Companies‘ One Madison and JDS Development Group‘s Walker Tower—is the Art Deco-inspired tower’s architect and interior designer.
Global’s investment follows the closing of a $100 million preferred equity investment in Williamsburg trophy office property 25 Kent Avenue in May, as first reported by CO. Rubenstein Partners and Heritage Equity Partners are currently co-developing the eight-story, 500,000-square-foot mixed-use commercial and industrial property, due to come online by the end of this year.
The investor also completed the $415 million acquisition of Washington Harbour—a mixed-use property on the Potomac River in Washington, D.C., in August. HSBC was the lead arranger in the deal, which also included Landesbank Baden-Württemberg and Bank of New York Mellon in the lender group.
And its preferred equity investment in 30 East 29th Street isn’t its first foray into the NoMad neighborhood. Global also owns the 800,000-square-foot NoMad Tower Class-A office property at 1250 Broadway.
Officials at Rockefeller Group declined to comment.
