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JV Closes on $158M Buy of UWS Site
A joint venture between Korea-based Daishin Securities Co. and Alchemy Properties has closed on its $158-million purchase of an Upper West Side development site from the West End Collegiate Church. Law firm Schwartz Sladkus Reich Greenberg Atlas LLP represented the JV in the acquisition, and in obtaining $230 million in acquisition and construction financing from Bank OZK.
Jeffrey M. Schwartz, a partner at SSRGA, represented the buyers in the sale, along with colleagues Kelly Kulak and Jessica Furgiuele. Daishin was represented by Paul Shapses and his colleagues, Alexander Walker and Thomas Margiano, at Pillsbury Winthrop Shaw Pittman LLP.
“This project will offer a dynamic new residential destination for the Upper West Side,” said Schwartz.
The purchase included two buildings, 260-262 W. 78th St, and the adjoining 378 West End Ave. The new project, a 19-story residential condominium tower, is expected to offer approximately 20,000 square feet of amenities.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
