December 8, 2023
, Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer, Robert Khodadadian
Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer <!-- wp:html --><p>Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer <!-- wp:html --></p> <p>Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower - Commercial Observer <!-- wp:html --></p> <p>Articles about Robert Khodadadian from Commercial Observer, New York's authority on commercial real estate leasing, financing, deals and culture.</p> <p><span>Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing. </span></p> <p>Chetrit Group<span> just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former </span>St. John the Martyr<span> church, Commercial Observer has learned. </span></p> <div class="co-paywalled-content"> <p>G4 Capital Partners <span>provided the financing — which includes a mezzanine component — while </span>Galaxy Capital<span>’s </span>Henry Bodek<span> negotiated the debt on behalf of the borrower. </span></p> <p><span>“We’re being very selective in determining which projects we’re financing in this environment,” </span>Robyn Sorid<span>, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” </span></p> <p><span>The development site at </span>252-254<span>, </span>257<span>, </span>259<span> and </span>260 East 72nd Street<span> will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. </span></p> <p><span>The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space. </span></p> <p><span>The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with </span><a href="https://therealdeal.com/new-york/2022/11/04/chetrit-plans-upper-east-side-condo-development/"><span>the Second Avenue subway extension</span></a><span>. </span></p> <p><span> </span><span>In March 2022, Patch reported that much of the Second Avenue block would soon </span><a href="https://patch.com/new-york/upper-east-side-nyc/half-upper-east-side-block-be-demolished-plans-show"><span>be demolished </span></a><span>to make way for the new development, with the </span><span>Church of St. John the Martyr </span><span>at 252 East 72nd already having been razed back in April 2020. </span></p> <p><span>The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner </span>SL Green Realty<span>, and its retail units shuttered in advance of the new development, Patch reported. </span></p> <p><span>G4’s construction loan follows the lender’s </span><a href="https://commercialobserver.com/2022/01/chetrit-ues-g4-bodek/"><span>bridge-to-construction loan for the site</span></a><span>, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by </span><span>the Upper East Side development site and also Chetrit’s luxury condominium building at </span>49 Chambers Street<span> in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. </span></p> <p><span>“This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” </span></p> <p><span>Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.</span></p> <p><span>Chetrit Group officials could not immediately be reached for comment. </span></p> <p><span>Cathy Cunningham can be reached at </span><a href="mailto:ccunningham@commercialobserver.com"><span>ccunningham@commercialobserver.com</span></a><span>. </span></p> </div> <p> </p> <p>Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.</p> <p>Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease</p> <p>Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan <a href="https://commercialobserver.com/2023/11/chetrit-g4-galaxy/" target="_blank" class="feedzy-rss-link-icon" rel="noopener">Read More</a>Commercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital </p> <p><!-- /wp:html --> Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital </p> <p>Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.</p> <p>Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower - Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York's authority on commercial real estate leasing, financing, deals and culture.<br /> Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing. <br /> Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. </p> <p>G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. <br /> “We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” <br /> The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. <br /> The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space. <br /> The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension. <br />  In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. <br /> The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. <br /> G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. <br /> “This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” <br /> Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.<br /> Chetrit Group officials could not immediately be reached for comment. <br /> Cathy Cunningham can be reached at ccunningham@commercialobserver.com. </p> <p> <br /> Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.<br /> Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease<br /> Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital <a href="https://robertkhodadadian.com/chetrit-lands-235m-construction-loan-for-ues-condo-tower-commercial-observer/" target="_blank" class="feedzy-rss-link-icon" rel="noopener">Read More</a>apartment buildings, commercial buildings, commercial observer, Commercial property, Commercial property marketing, Commercial Property Sales, commercial Real Estate, How to succeed in real estate, manhattan commercial real estate, Manhattan Real Estate, Manhattan Real Estate Market, mixed use investment building, New York City Real Estate, new york real estate, new york real estate Skyline Properties, NYC Real Estate, NYC Real Estate Market Trends, nyc real estate news, NYC Real Estate Values, observer, off market, off market broker, off market real estate, Off-Market Properties, Property brokers, Real estate, Real Estate Acquisitions, Real Estate Brokerage, Real estate brokers, Real estate development, Real Estate Finance, Real Estate Industry News, Real Estate Investing, real estate investment, real estate investment Manhattan, Real Estate Services, Real estate transactions, Residential Real Estate, Robert Khodadadian - Skyline Properties, Robert Khodadadian on Quiet Deals, Skyline Properties, the real deal magazine, the real deal new york, amir Korangy,  commercial buildings, bob knakal, brokerage, commercial real estate brokers, Commercial Real Estate News Robert Khodadadian</p> <p><!-- /wp:html --> Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower - Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York's authority on commercial real estate leasing, financing, deals and culture.<br /> Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing. <br /> Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. </p> <p>G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. <br /> “We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” <br /> The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. <br /> The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space. <br /> The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension. <br />  In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. <br /> The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. <br /> G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. <br /> “This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” <br /> Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.<br /> Chetrit Group officials could not immediately be reached for comment. <br /> Cathy Cunningham can be reached at ccunningham@commercialobserver.com. </p> <p> <br /> Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.<br /> Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease<br /> Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital </p> <p>Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.</p> <p>Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower - Commercial Observer<br /> Articles about Robert Khodadadian from Commercial Observer, New York's authority on commercial real estate leasing, financing, deals and culture.<br /> Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing. <br /> Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. </p> <p>G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. <br /> “We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” <br /> The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. <br /> The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space. <br /> The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension. <br />  In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. <br /> The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. <br /> G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. <br /> “This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” <br /> Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.<br /> Chetrit Group officials could not immediately be reached for comment. <br /> Cathy Cunningham can be reached at ccunningham@commercialobserver.com. </p> <p> <br /> Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.<br /> Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease<br /> Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital <br /> Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital <br /> Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.<br /> Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower - Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York's authority on commercial real estate leasing, financing, deals and culture.<br /> Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing. <br /> Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. <br /> G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. <br /> “We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” <br /> The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. <br /> The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space. <br /> The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension. <br />  In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. <br /> The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. <br /> G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. <br /> “This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” <br /> Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.<br /> Chetrit Group officials could not immediately be reached for comment. <br /> Cathy Cunningham can be reached at ccunningham@commercialobserver.com. <br />  <br /> Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.<br /> Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease<br /> Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital Read Moreapartment buildings, commercial buildings, commercial observer, Commercial property, Commercial property marketing, Commercial Property Sales, commercial Real Estate, How to succeed in real estate, manhattan commercial real estate, Manhattan Real Estate, Manhattan Real Estate Market, mixed use investment building, New York City Real Estate, new york real estate, new york real estate Skyline Properties, NYC Real Estate, NYC Real Estate Market Trends, nyc real estate news, NYC Real Estate Values, observer, off market, off market broker, off market real estate, Off-Market Properties, Property brokers, Real estate, Real Estate Acquisitions, Real Estate Brokerage, Real estate brokers, Real estate development, Real Estate Finance, Real Estate Industry News, Real Estate Investing, real estate investment, real estate investment Manhattan, Real Estate Services, Real estate transactions, Residential Real Estate, Robert Khodadadian - Skyline Properties, Robert Khodadadian on Quiet Deals, Skyline Properties, the real deal magazine, the real deal new york, amir Korangy,  commercial buildings, bob knakal, brokerage, commercial real estate brokers, Commercial Real Estate News Robert Khodadadian Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower - Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York's authority on commercial real estate leasing, financing, deals and culture.<br /> Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing. <br /> Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. </p> <p>G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. <br /> “We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” <br /> The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. <br /> The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space. <br /> The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension. <br />  In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. <br /> The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. <br /> G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. <br /> “This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” <br /> Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.<br /> Chetrit Group officials could not immediately be reached for comment. <br /> Cathy Cunningham can be reached at ccunningham@commercialobserver.com. </p> <p> <br /> Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.<br /> Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease<br /> Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital <a href="https://robertkhodadadian.com/chetrit-lands-235m-construction-loan-for-ues-condo-tower-commercial-observer-2/" target="_blank" class="feedzy-rss-link-icon" rel="noopener">Read More</a>apartment buildings, commercial buildings, commercial Real Estate, commercial real estate market in new york city, manhattan commercial real estate, Manhattan Real Estate Market, mixed use investment building, mixed use user buildings, New York City Real Estate, new york real estate journal, new york real estate Skyline Properties, NYC Real Estate Market Trends, nyc real estate news, off market real estate, Off-Market Properties, Real Estate Industry News, real estate investment Manhattan, Robert Khodadadian - Skyline Properties, Robert Khodadadian on Quiet Deals, Skyline NYC, Skyline Properties,  commercial buildings Robert Khodadadian</p><!-- /wp:html --> Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower - Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York's authority on commercial real estate leasing, financing, deals and culture. Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower.  “We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.”  The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units.  The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space.  The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension.   In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020.  The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported.  G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too.  “This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.”  Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said. Chetrit Group officials could not immediately be reached for comment.  Cathy Cunningham can be reached at ccunningham@commercialobserver.com.    Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time. Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller. Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower - Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York's authority on commercial real estate leasing, financing, deals and culture. Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower.  “We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.”  The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units.  The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space.  The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension.   In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020.  The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported.  G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too.  “This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.”  Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said. Chetrit Group officials could not immediately be reached for comment.  Cathy Cunningham can be reached at ccunningham@commercialobserver.com.    Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time. Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital Read Moreapartment buildings, commercial buildings, commercial observer, Commercial property, Commercial property marketing, Commercial Property Sales, commercial Real Estate, How to succeed in real estate, manhattan commercial real estate, Manhattan Real Estate, Manhattan Real Estate Market, mixed use investment building, New York City Real Estate, new york real estate, new york real estate Skyline Properties, NYC Real Estate, NYC Real Estate Market Trends, nyc real estate news, NYC Real Estate Values, observer, off market, off market broker, off market real estate, Off-Market Properties, Property brokers, Real estate, Real Estate Acquisitions, Real Estate Brokerage, Real estate brokers, Real estate development, Real Estate Finance, Real Estate Industry News, Real Estate Investing, real estate investment, real estate investment Manhattan, Real Estate Services, Real estate transactions, Residential Real Estate, Robert Khodadadian - Skyline Properties, Robert Khodadadian on Quiet Deals, Skyline Properties, the real deal magazine, the real deal new york, amir Korangy,  commercial buildings, bob knakal, brokerage, commercial real estate brokers, Commercial Real Estate News Robert Khodadadian Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower - Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York's authority on commercial real estate leasing, financing, deals and culture. Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower.  “We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.”  The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units.  The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space.  The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension.   In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020.  The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported.  G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too.  “This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.”  Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said. Chetrit Group officials could not immediately be reached for comment.  Cathy Cunningham can be reached at ccunningham@commercialobserver.com.    Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time. Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital

Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer

Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer

Articles about Robert Khodadadian from Commercial Observer, New York’s authority on commercial real estate leasing, financing, deals and culture.

Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing

Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. 

G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. 

“We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” 

The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. 

The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space

The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension

 In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. 

The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. 

G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. 

“This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” 

Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.

Chetrit Group officials could not immediately be reached for comment. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com

 

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease

Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital 

Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York’s authority on commercial real estate leasing, financing, deals and culture.
Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing
Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. 

G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. 
“We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” 
The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. 
The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space
The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension. 
 In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. 
The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. 
G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. 
“This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” 
Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.
Chetrit Group officials could not immediately be reached for comment. 
Cathy Cunningham can be reached at ccunningham@commercialobserver.com

 
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital Read Moreapartment buildings, commercial buildings, commercial observer, Commercial property, Commercial property marketing, Commercial Property Sales, commercial Real Estate, How to succeed in real estate, manhattan commercial real estate, Manhattan Real Estate, Manhattan Real Estate Market, mixed use investment building, New York City Real Estate, new york real estate, new york real estate Skyline Properties, NYC Real Estate, NYC Real Estate Market Trends, nyc real estate news, NYC Real Estate Values, observer, off market, off market broker, off market real estate, Off-Market Properties, Property brokers, Real estate, Real Estate Acquisitions, Real Estate Brokerage, Real estate brokers, Real estate development, Real Estate Finance, Real Estate Industry News, Real Estate Investing, real estate investment, real estate investment Manhattan, Real Estate Services, Real estate transactions, Residential Real Estate, Robert KhodadadianSkyline Properties, Robert Khodadadian on Quiet Deals, Skyline Properties, the real deal magazine, the real deal new york, amir Korangy,  commercial buildings, bob knakal, brokerage, commercial real estate brokers, Commercial Real Estate News Robert Khodadadian

Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York’s authority on commercial real estate leasing, financing, deals and culture.
Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing
Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. 

G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. 
“We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” 
The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. 
The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space
The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension. 
 In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. 
The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. 
G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. 
“This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” 
Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.
Chetrit Group officials could not immediately be reached for comment. 
Cathy Cunningham can be reached at ccunningham@commercialobserver.com

 
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer
Articles about Robert Khodadadian from Commercial Observer, New York’s authority on commercial real estate leasing, financing, deals and culture.
Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing
Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. 

G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. 
“We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” 
The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. 
The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space
The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension. 
 In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. 
The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. 
G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. 
“This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” 
Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.
Chetrit Group officials could not immediately be reached for comment. 
Cathy Cunningham can be reached at ccunningham@commercialobserver.com

 
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital 
Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital 
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York’s authority on commercial real estate leasing, financing, deals and culture.
Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing
Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. 
G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. 
“We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” 
The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. 
The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space
The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension. 
 In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. 
The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. 
G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. 
“This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” 
Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.
Chetrit Group officials could not immediately be reached for comment. 
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
 
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital Read Moreapartment buildings, commercial buildings, commercial observer, Commercial property, Commercial property marketing, Commercial Property Sales, commercial Real Estate, How to succeed in real estate, manhattan commercial real estate, Manhattan Real Estate, Manhattan Real Estate Market, mixed use investment building, New York City Real Estate, new york real estate, new york real estate Skyline Properties, NYC Real Estate, NYC Real Estate Market Trends, nyc real estate news, NYC Real Estate Values, observer, off market, off market broker, off market real estate, Off-Market Properties, Property brokers, Real estate, Real Estate Acquisitions, Real Estate Brokerage, Real estate brokers, Real estate development, Real Estate Finance, Real Estate Industry News, Real Estate Investing, real estate investment, real estate investment Manhattan, Real Estate Services, Real estate transactions, Residential Real Estate, Robert KhodadadianSkyline Properties, Robert Khodadadian on Quiet Deals, Skyline Properties, the real deal magazine, the real deal new york, amir Korangy,  commercial buildings, bob knakal, brokerage, commercial real estate brokers, Commercial Real Estate News Robert Khodadadian Articles about Robert Khodadadian from Commercial Observer Chetrit Lands $235M Construction Loan for UES Condo Tower – Commercial Observer Articles about Robert Khodadadian from Commercial Observer, New York’s authority on commercial real estate leasing, financing, deals and culture.
Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing
Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned. 

G4 Capital Partners provided the financing — which includes a mezzanine component — while Galaxy Capital’s Henry Bodek negotiated the debt on behalf of the borrower. 
“We’re being very selective in determining which projects we’re financing in this environment,” Robyn Sorid, co-managing partner at G4, told CO. “We’re lending to best-in-class sponsors in mature markets where there’s clear demand for specific product types.” 
The development site at 252-254, 257, 259 and 260 East 72nd Street will have two components when completed: a 21-story, 54-unit luxury condo tower on the corner of Second Avenue and East 72nd Street, and an apartment building next door which will house four affordable units. 
The condo tower will span 150,000 square feet and also include 5,700 square feet of retail space
The project has been years in the making, as Chetrit Group patiently accumulated the parcels starting in 2015, the firm’s development happily coinciding with the Second Avenue subway extension. 
 In March 2022, Patch reported that much of the Second Avenue block would soon be demolished to make way for the new development, with the Church of St. John the Martyr at 252 East 72nd already having been razed back in April 2020. 
The five-story, 28-unit multifamily building on the block was also purchased by Chetrit Group in 2018 for $47.2 million from previous owner SL Green Realty, and its retail units shuttered in advance of the new development, Patch reported. 
G4’s construction loan follows the lender’s bridge-to-construction loan for the site, executed in late 2021, as reported by CO. At the time, the $116.5 million loan was collateralized by the Upper East Side development site and also Chetrit’s luxury condominium building at 49 Chambers Street in Tribeca. Galaxy’s Bodek arranged the financing in that instance, too. 
“This submarket has ample room to absorb this unique, luxury offering,” Sorid said of the condo tower, adding that in the current choppy market, G4 is focused on flight-to-quality assets and those that fall “right down the middle of the fairway.” 
Closing a deal of this size today is no mean feat, but Galaxy’s Bodek credited the strength of G4. “Along with an exceptional finance partner like G4 comes extraordinary and friendly asset management, and expertise that’s specifically tailored to each customer’s needs,”  he said.
Chetrit Group officials could not immediately be reached for comment. 
Cathy Cunningham can be reached at ccunningham@commercialobserver.com

 
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Channel, Construction, Finance, Chetrit Group, G4 Capital Partners, Galaxy Capital, Henry Bodek, Robyn Sorid, New York City, Manhattan Read MoreCommercial ObserverCan I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital  Can I get an ‘Amen’? In today’s financing environment, it’s warranted when closing a big financing.  Chetrit Group just sealed a $235 million construction loan for its latest residential development on the Upper East Side, set to take over the site of the former St. John the Martyr church, Commercial Observer has learned.  G4 Capital Read Moreapartment buildings, commercial buildings, commercial Real Estate, commercial real estate market in new york city, manhattan commercial real estate, Manhattan Real Estate Market, mixed use investment building, mixed use user buildings, New York City Real Estate, new york real estate journal, new york real estate Skyline Properties, NYC Real Estate Market Trends, nyc real estate news, off market real estate, Off-Market Properties, Real Estate Industry News, real estate investment Manhattan, Robert KhodadadianSkyline Properties, Robert Khodadadian on Quiet Deals, Skyline NYC, Skyline Properties,  commercial buildings Robert Khodadadian

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