S3 Capital Lends $53M for Upper East Side Condo Tower – Commercial Observer
A joint venture between Grand Cru Real Estate (GCRE) and Visabe has sealed $52.5 million of construction financing to develop a condominium building on Manhattan’s Upper East Side, Commercial Observer has learned.
S3 Capital originated the loan to facilitate the sponsorship’s 28-unit condo project at 1527 York Avenue.
Located on the corner of York Avenue and East 81st Street, the 20-story tower will have condo units that range from one to five bedrooms. Resident amenities will include a full-time doorman, fitness center, recreation lounge and children’s playroom.
“Upper East Side condo buyers are a specific audience, and a 28-unit building with layouts up to five bedrooms is aimed squarely at them,” Shawn Safdie, head of origination at S3 Capital, said in a statement. “GCRE understands that buyer, and their successful execution on a recent project gave us the confidence to partner with them again.”
Oak CM will serve as construction manager and general contractor. Construction is slated to begin in early 2027.
Steven Jemal, senior managing director of origination at S3, noted that it also financed a condo project for GCRE at 439 East 77th Street four blocks south of this latest project.
“We know GCRE well from 439 East 77th Street, so we were comfortable with the team and the submarket from the start,” Jemal said in a statement.
GCRE and Visabe did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
