Urban Standard Capital Lends $77M to Build NoMad Condo Tower

Pro-H Development has sealed $76.7 million of construction financing to build a condominium tower at a vacant NoMad lot once slated to house a 26-story hotel, Commercial Observer has learned.

Urban Standard Capital provided the loan for the developer’s 101-unit condo project at 842 Avenue of the Americas, where Robert Chun had previously planned to build a 168-room hotel after demolishing the six-story building on the site, according to Ripco Real Estate, which negotiated the financing.

Ripco arranged the transaction with a team consisting of Adam Hakim, James Murad and Alexander Korolik. 

“Pro-H’s thoughtful reimagining of [842 Avenue of the Americas] as a serene, high-design residential oasis resonates with our lending philosophy — and we’re excited to be part of bringing it to life,” Charlie Brosens, partner at Urban Standard Capital, said in a statement. 

Pro-H Development acquired the property from the Chun family’s 842 Enterprises entity for $30 million after the hotel project faced a $33 million pre-foreclosure action from lender, Avana Capital, CO reported at the time. 

The vacant lot at 842 Avenue of the Americas is midblock between West 29th and West 30th streets, about five blocks northwest of Madison Square Park. The planned condo building will stand 27 stories and feature 85,176 square feet of residential space, according to Ripco. The development is scheduled for completion in late 2026, according to New York YIMBY. 

“[The building] is the culmination of our commitment to creating spaces that reflect the energy and sophistication of New York City,” Burton Hung Pin Hung, managing member of Pro-H Group, said in a statement. 

Ripco’s Hakim said in a statement that the project would be a “standout development in the heart of NoMad” and help continue an “evolution” of turning the neighborhood into “one of Manhattan’s premier destinations for luxury living.”

Andrew Coen can be reached at acoen@commercialobserver.com.