S-G arranges $145m development loan.Sonnenblick-Goldman Company, serving as exclusive advisor to Becker and Becker Associates, has arranged equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. of approximately $145 million for the development of Octagon Park Apartments, a 500-unit rental apartment building to be constructed in the northern section of Roosevelt Island Roosevelt Island formerly (until 1921) Blackwell's Island and (1921–73) Welfare Island Island in the East River, between the boroughs of Manhattan and Queens, New York, New York, U.S. ; on the East River 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. . The financing, provided by a union pension fund, represents approximately 85% of the total budgeted cost of the project. The Octagon Park Apartments, complex is being developed on the five-acre site of the former city-owned hospital, which was constructed in 1839. The new development will consist of two 13-story wings attached to an eight-sided, domed central structure that will include the lobby and other common space. The central structure will be a rehabilitation of the sole portion of the hospital that is still standing on the site; this structure, which is known as the Octagon Tower, is an official New York City landmark and is listed on the National Register of Historic Places This article is about the U.S. Register. For the National Register of Historic Places in Canada see Canadian Register of Historic Places. The National Register of Historic Places . The apartment complex will also include underground parking, six tennis courts, a swimming pool, and an ecological park. The property site, which is directly across from the area between East 78th and East 80th Streets in Manhattan, borders esplanades along the East River on both its east and west sides. Becker and Becker Associates is a real estate development and architectural firm An architectural firm is a company which employs one or more licensed architects and practices the profession of architecture. History Architects (master builders) have existed since early in recorded history. The earliest recorded architects include Imhotep (c. headquartered in Fairfield, Connecticut. The firm, which was founded in 1950, has extensive development experience in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. , with a particular focus on historic renovations. |
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