By Kelly Sheehan, Online News Editor
Multi-Housing News
October 12, 2007
New York—O’Connor Capital Partners, a privately held real estate investment and development firm, has closed on $750 million of senior financing from HSH Nordbank AG, a commercial bank headquartered in Hamburg/Kiel, Germany. The firm will use the money for a luxury condo conversion project in New York City.
The financing follows a decision by O’Connor to buy out its previous partner and assume full control. The complex was purchased last year for $620 million--the largest residential sale in history, only behind Stuyvesant Town and Peter Cooper Village.
O’Connor plans to invest a total of $1 billion converting Manhattan House, previously an apartment community, into a condo complex. The building is famous for its light-colored façade, thought to be the building that started the craze of white-brick buildings in the city. At one time, actress Grace Kelly also rented an apartment at Manhattan House, which is located at 200 East 66t St. on the city’s Upper East Side.
Jerry O’Connor, managing partner of O’Connor Capital Partners, says that Manhattan House will feature the amenities of new construction with the charm of the building’s original architecture. Originally designed by Gordon Bunshaft of Skidmore, Owings & Merill in 1952, the building will be restored by SOM and Randall Ridless.
O’Connor Capital Partners’ capital improvements to the property will include common amenities such as a rooftop club with Sasaki-designed garden, spa and fitness center; indoor playroom and outdoor play area designed by Roto Studio; concierge services; and valet parking services.
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