Chelsea condo attracts Palisades attention.Palisades Palisades, cliffs along the west bank of the Hudson River, NE N.J. and SE N.Y., extending from N of Jersey City, N.J., to the vicinity of Piermont, N.Y., with a general altitude of from 350 ft to 550 ft (107–168 m). Financial, a leading Fort Lee, New Jersey-based investment banking and advisory firm, has acquired a "B" note of $93,000,000 first mortgage for the acquisition and construction of a condo conversion building project in the Chelsea/Flatiron district of Manhattan. The property, which will have a sellout value of over $130,000,000, is located at 650 Sixth Avenue on the corner of Sixth Avenue and West 20th Street. "Substantial demand growth for well-located Chelsea condominiums creates heated competition for buildings such as 650 Sixth Avenue," said Billy Procida, principal of Palisades Financial, which has over $30 million invested in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. assets. "It's rare to find an asset that can offer such a prime corner location is such a fast growing neighborhood or, for that matter, any in demand neighborhood of Manhattan." When the conversion is completed, 650 Sixth Avenue will feature 16,527 s/f of ground floor retail space and 67 luxury, loft-style residential condominiums averaging 1,206 s/f, with the smallest unit being 701 s/f and the largest penthouse unit being 2,622 s/f.. The building's exterior will be predominantly comprised of face brick and a combination of terra cotta cot·ta n. pl. cot·tae or cot·tas A short surplice. [Medieval Latin, of Germanic origin.] , granite, and brownstone brownstone, red to brown variety of sandstone. Its unusual color is caused in some instances by the presence of red iron oxide which acts as a cement, binding the sand grains together. , with double-hung wood windows and decorative metal work. SHVO Marketing is marketing the residential space and CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. is marking the retail space. |
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