Bank Leumi Provides $ 56M Loan for Gramercy Park SMA Equities – Commercial Observer



SMA Equities secured a construction debt of $ 56 million from Bank Leumi As it became known to the Commercial Observer, to advance the planned construction of an apartment building in Gramercy Park.

The loan will help build a 90,000-square-foot, 20-story multi-unit mixed-use project, consisting of 108 units and a passive house project at: 202 East 23rd Street, between Second and Third Avenues in Manhattan.

JLL Capital MarketsEvan Pariser represented SMA in organizing funding.

The complex, which will be built as part of New York’s 421a Affordable Housing Program, will include studio, one- and two-bedroom residences, 80 of which will be marketable and 28 will be affordable. in JLL. Passive house project implemented Hill West Architects aims to ensure that the project is largely energy efficient by providing good air quality and climate control measures.

There will also be a range of amenities and amenities on site, such as bike storage, laundry, fitness center, bag room, tenant lobby, coworking space, and a rooftop terrace and lobby on the 20th floor. …

“We are delighted to be developing an environmentally friendly project in the heart of New York’s most prestigious neighborhood, Gramercy,” said Sami Mahfar, co-founder and managing director of SMA. “We are confident that a passive house and sustainable construction is the way to the future. This is our fourth greenfield residential project with an affordable component in New York, but the first of green and passive homes. ”

SMA is building the project on two adjacent sites, approximately 100 feet of façade along East 23rd Street and 47 feet of façade along Third Avenue, providing a good starting point for the planned ground floor retail space.

In April 2020, at the height of the pandemic, it was reported that two three-story buildings on two sites in the area south corner of Third Avenue and East 23rd Street was boarded up and prepared for demolition

The hotel’s location in Midtown South is close to many subway lines that provide direct access to the rest of Manhattan and some of the outer districts.

“This property combines distinctive architectural elements and passive house features that will prove to be extraordinarily comfortable for residents, in addition to being highly energy efficient,” said Pariser.


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