Regions Northeast | New York
Oct 25, 2007
By: Gail Kalinoski, Contributing Editor
SDS Procida Development Group can move ahead with plans to build The Dillon, an 85-unit, luxury condominium project on Manhattan’s West Side now that it has secured $93.5 million in construction financing.
Louis Greco and Mario Procida, principals of the New York City-based development and management company, said Chicago-based Corus Bank, a banking subsidiary of Corus Bankshares Inc., had provided construction financing for the 204,400-square-foot residential building at 425 West 53rd St. Palisades Financial is providing the secondary financing, the principals noted.
The Dillon will have a combination of simplex, duplex and triplex townhomes, an underground parking garage and outdoor courtyards. In a previous news release, the principals had said construction on the seven-story building would begin this spring and be completed by fall 2008. The principals declined to be interviewed by CPN today. A spokesperson said they were still finalizing the project’s details.
The firm bought the property, a former parking lot owned by Con Edison, for $32.2 million, according to the website City Realty. The property is on the north side of 53rd Street between 8th and 9th Avenues.
Smith-Miller + Hawkinson Architects designed the building, which is one of SDS Procida’s Distinctive Properties brand of luxury residential projects. Earlier this year, the architectural firm won an AIA New York Chapter 2007 Project Merit Award for The Dillon’s design. The Richard Meier-designed On Prospect Park condominium at Grand Army Plaza in Brooklyn and Studio 332, a luxury condo project in Brooklyn Heights, are also examples of SDS Procida’s Distinctive Properties brand.
The luxury condo market in New York City continues to be strong. The average sales price of a Manhattan condo in the third quarter of 2007 was a record $1.6 million, up 9.2 percent from last year at the same time and up 12.4 percent from the second quarter, according to a recent market report by Prudential Douglas Elliman. The report noted that the median sales price of a luxury apartment was about $5 million in the third quarter, up 12.8 percent from the third quarter of 2006 and up 10.3 percent from this year’s second quarter. Prudential Douglas Elliman said new development accounted for 36.7 percent of the condominium inventory in the third quarter.
By: Gail Kalinoski, Contributing Editor
SDS Procida Development Group can move ahead with plans to build The Dillon, an 85-unit, luxury condominium project on Manhattan’s West Side now that it has secured $93.5 million in construction financing.Louis Greco and Mario Procida, principals of the New York City-based development and management company, said Chicago-based Corus Bank, a banking subsidiary of Corus Bankshares Inc., had provided construction financing for the 204,400-square-foot residential building at 425 West 53rd St. Palisades Financial is providing the secondary financing, the principals noted.
The Dillon will have a combination of simplex, duplex and triplex townhomes, an underground parking garage and outdoor courtyards. In a previous news release, the principals had said construction on the seven-story building would begin this spring and be completed by fall 2008. The principals declined to be interviewed by CPN today. A spokesperson said they were still finalizing the project’s details.
The firm bought the property, a former parking lot owned by Con Edison, for $32.2 million, according to the website City Realty. The property is on the north side of 53rd Street between 8th and 9th Avenues.
Smith-Miller + Hawkinson Architects designed the building, which is one of SDS Procida’s Distinctive Properties brand of luxury residential projects. Earlier this year, the architectural firm won an AIA New York Chapter 2007 Project Merit Award for The Dillon’s design. The Richard Meier-designed On Prospect Park condominium at Grand Army Plaza in Brooklyn and Studio 332, a luxury condo project in Brooklyn Heights, are also examples of SDS Procida’s Distinctive Properties brand.
The luxury condo market in New York City continues to be strong. The average sales price of a Manhattan condo in the third quarter of 2007 was a record $1.6 million, up 9.2 percent from last year at the same time and up 12.4 percent from the second quarter, according to a recent market report by Prudential Douglas Elliman. The report noted that the median sales price of a luxury apartment was about $5 million in the third quarter, up 12.8 percent from the third quarter of 2006 and up 10.3 percent from this year’s second quarter. Prudential Douglas Elliman said new development accounted for 36.7 percent of the condominium inventory in the third quarter.
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