OakNorth, BridgeCity Lend $83 Million on East Side Residential Conversion
OakNorth has provided an $83.5-million co-loan alongside BridgeCity Capital to support CSC Real Estate’s conversion of a Midtown Manhattan office building into a 136-unit residential development. Located at 136 E. 57th St., on the corner of Lexington Avenue, the 20-story building was originally constructed in 1931 and underwent renovations in 2021.
The planned development will transform the existing office space into 102 market-rate and 34 affordable units, along with approximately 3,500 square feet of ground-floor retail.
Alex Gursky, director of debt finance at OakNorth, added: “New York City’s office-to-residential conversion market continues to present significant opportunities to repurpose underutilized commercial space and deliver much-needed housing. This project stands out given its prime location, experienced development team and the inclusion of 34 affordable apartments. We’re delighted to support CSC Real Estate alongside BridgeCity Capital, building on our existing relationship and demonstrating our continued appetite to provide flexible, tailored financing solutions for complex real estate transactions across the U.S.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout