Urban Standard Provides $19M to Acquire Tribeca Lot in $28M Deal
Raymond Roubeni’s Astral Weeks will develop a 23-unit luxury condominium on the lot
By Brian Pascus December 9, 2024 3:36 pm
reprints
Astral Weeks, a New York City development firm, has secured $19 million in acquisition financing to purchase land at 80 West Broadway for what will be a 23-unit boutique condominium project, Commercial Observer has learned.
The deal included Astral Weeks acquiring the air rights to the properties adjacent to 80 West Broadway, giving the project a total buildable area of 66,000 square feet and a full acquisition price of $27.5 million.
Seth Weissman’s Urban Standard Capital provided the $19 million senior financing in the deal, which also included $4 million in preferred equity. Weissman, founder and president of Urban Standard, told CO that the blend of senior financing and preferred equity reflects several key trends he’s observed recently in real estate private credit markets.
“We’ve been doing a lot more deals where there’s preferred equity, or some type of deal structure, to get transactions across the finish line,” he said. “We’re doing condo-inventory loans, construction completion loans, lease-ups where the interest rate drops as you get [certificate of occupancy] on certain floors. We’re doing a lot of bespoke creative deal structuring.”
Located on the corner of Warren Street and West Broadway in Tribeca, 80 West Broadway is one of the last remaining ground-up development sites in Lower Manhattan, according to Raymond Roubeni, principal and co-founder of Astral Weeks.
“It’s a rare opportunity to be able to develop a boutique and mixed-use building, with luxury residences in one of Manhattan’s most desirable and supply-constrained neighborhoods,” he told CO. “We’re excited that it’s a corner lot with at least three exposures and the ability to create a special project within prime Tribeca.”
Weissman said the finished project will have 23 condo units along with ground-floor retail. Roubeni said construction is expected to start by the end of 2025 and be complete by early 2027.
Astral Weeks has previously completed construction of 340 Lenox Road in Flatbush, Brooklyn, and finished repositioning a commercial property at 12 Franklin Street in Greenpoint, Brooklyn.
“We’re proud to have partnered with such a talented borrower whose commitment to beautiful design and top-quality execution continue to set new standards,” said Weissman. “It’s a privilege to support their vision and see it come to life.”
JLL Capital Markets debt advisory team was led by Aaron Niedermayer. JLL’s Vickram Jambu and Jonathan Hageman arranged the sale.
Brian Pascus can be reached at bpascus@commercialobserver.com
