By Sabina Mollot
Progress is being made to turn the former R&S Strauss site into a residential building.
Opal Holdings purchased the site of the former auto parts shop – across the street from Stuyvesant Town at 644 East 14th – in July.
The owner has since secured a $52 million first mortgage loan. The announcement was made by Madison Realty Capital, the firm that provided the financing, who also provided some details about the future building.
The plans for 644 East 14th Street include 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. Residential units (it wasn’t clear if they’d be co-ops, condos or rentals) will offer contemporary finishes and large balconies with East River views.
Meanwhile, the owner’s in talks with an unnamed “major New York hospital” to lease the community facility portion of the building.
The loan is to help pay for the purchase as well as construction costs. The building’s neighbors will be Stuyvesant Town, Campos Plaza and the Con Ed plant.
Josh Zegen, managing principal for Madison, said, “This is an exciting opportunity to provide a full financing package for a shovel-ready development in an outstanding Manhattan neighborhood. Our lending model enables us to be fast and flexible, and in this case we were able to provide the borrower with a one-stop shop.”
Shaya Prager, a principal of Opal Holdings, didn’t immediately respond to an email requesting comment.