CSC Secures $108M for Murray Hill Residential Conversion

CSC Real Estate has secured a $108-million construction loan from SCALE Lending, Slate Property Group’s debt financing arm, to support the residential conversion of 770 Second Ave., a 17-story, 237,000-square-foot property in Manhattan’s Murray Hill neighborhood. The financing was arranged by Arrow Real Estate Advisors’ Morris Betesh, Morris Dabbah and Louis Halperin representing the lender. CSC Real Estate was represented by Vedder Price LLP, with a legal team led by Robert Salame.

The project will convert 12 floors into 140 residential units, including 35 affordable homes, along with approximately 11,000 square feet of new amenity space. CSC acquired the property for $52 million. In addition to its current development pipeline, CSC plans to announce three new conversion
transactions in prime urban neighborhoods.

“Our team is proud to advance the repositioning of 770 Second Ave. and deliver high-quality housing to New York City,” said Salo Smeke, principal of CSC Real Estate. “Institutional partners rely on CSC because we manage the most challenging projects with precision and accountability. The depth of capital interest we continue to see reflects the confidence the market places in our platform.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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