SJP Properties secured a $160 million mortgage for the site of a planned Upper West Side luxury cond
SJP Properties secured a $160 million mortgage for the site of a planned Upper West Side luxury condominium tower from Sumitomo Mitsui Trust Bank, a Japanese lender.
SJP is developing the 112-unit, 51-story building at 200 Amsterdam Avenue with Mitsui Fudosan America, the US investment arm of Japanese real estate firm Mitsui Fudosan Co.
The loan, which closed last month, is for the acquisition of the 5,000-square-foot lot between West 69th and West 70th streets.
SJP bought the property for $275 million in October from American Continental Properties, well below the asking price of $400 million, as The Real Deal reported.
The tower at the site was once slated to rise 55 stories, which would have made it the tallest building on the Upper West Side.
Manhattan–based SJP, led by Steven Pozycki, has developed over 25 million square feet of office and residential space since 1981. The New York Observer first reported news of the mortgage loan.
Mitsui Fudosan America paid more than $250 million in late 2014 for a large stake in Related Cos. 55 Hudson Yards. The firm’s other holdings in the city include 1251 Sixth Avenue at Rockefeller Center and 160 Madison Avenue. [NYO] —Dusica Sue Malesevic
Source: The Real Deal