SJP Scores $426M in Financing From Sumitomo Mitsui for 200 Amsterdam Avenue
By Mack Burke November 8, 2018 2:34 pm
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SJP Properties and Mitsui Fudosan America have nabbed $425.8 million in financing from Sumitomo Mitsui Trust Bank to start development on its controversial Upper West Side residential skyscraper at 200 Amsterdam Avenue, according to records filed today with the New York City Department of Finance.
The deal included the consolidation of a $160 million senior loan—also made by Sumitomo in 2016—with a new, $38 million mortgage, as well as a $168.6 million building loan and a $59.2 million project loan, records show.
The planned 52-story, 283,000-square-foot tower—to be located at West 69th Street and Amsterdam Avenue—is scheduled to include 112 condominiums, ranging from one-bedroom to five-bedroom units and starting at $2.95 million, according to information from SJP and from the property’s website.
The property was designed by Elkus Manfredi Architects to mirror the architecture found along Central Park West, and the interiors were done by CetraRuddy.
In July, the New York City Board of Standards and Appeals ruled in favor of the planned skyscraper after it had faced opposition from the community preservationists, backed by City Councilwoman Helen Rosenthal. In October, the Committee for Environmentally Sound Development, which has been working since last year to combat the project’s construction, filed suit against the developers in Manhattan Supreme Court. The opposition has contended that the developers took advantage of zoning rules in order to gain additional building rights at the site.
“Communities are being bombarded by projects that are supposedly ‘as of right,’ but they are often drastically out of context, do not actually comply with the spirit of special district and other local protections, and are not helping to address our affordable housing crisis,” Rosenthal told the Upper West Side Patch in a statement last month.
The developers have said that construction on the building’s foundation began in the fall 2017. It was reported in September that SJP had installed a crane at the site.
Sumitomo Mitsui Trust Bank could not immediately be reached for comment.
