16 High-end condominium units with premium amenities in one of the city’s most sought-after neighborhoods
S3 is pleased to announce the origination of a $24.5 million construction loan for the ground-up development of a luxury condominium project located on Manhattan’s prestigious Upper East Side. The project will feature 16 high-end condominium units and a host of premium amenities, setting a new standard of living in one of the city’s most sought-after neighborhoods.
The development will offer residents a lifestyle of convenience and comfort with amenities such as a full-time doorman, a dedicated package room, a recreation lounge, a children’s playroom, a conference center, and gym. These features are designed to meet the needs of discerning buyers seeking modern luxury in a classic New York setting. The property boasts attractive pricing, with 1-bedroom units expected to start at $1,000,000 and 2-bedroom units to start at $2,000,000.
“This project represents an exciting addition to the Upper East Side real estate market,” said Rob Schwartz, co-founder and principal at S3. “We are confident in the success of this development, given its location, the quality of the design, and the robust demand for luxury condos in Manhattan.”
S3 continues to strengthen its portfolio of real estate investments by financing high-quality developments in key urban markets while partnering with trusted sponsors. Visabe Corp is a local sponsor that has prior experience developing ground-up condominiums as well as other rehabilitation projects in New York City. This latest transaction underscores the firm’s commitment to supporting projects that deliver long-term value to investors and enhance the communities they serve.
“Visabe Corp, Urban Spring Capital, together with Arc and PKSB Architecture are working to provide high quality condos that will be highlighted by craftsmanship and thoughtful design within a busy Upper East Side market,” noted Salomon Cojab, Jr, Director of US Operations at Visabe.
“We are excited to partner with Visabe Corporation, a family office with a rich legacy and proven track record in the tri-state area and beyond,” said Steven Jemal, Director of Origination at S3. “Their blend of experience, vision, and values aligns perfectly with the ethos of this project, and we look forward to seeing this development take shape on the Upper East Side.”
About S3 Capital
S3 Capital is the lending arm of Spruce Capital Partners, a real estate investment firm that acquires and manages multi-family rental housing. S3 Capital is a national construction and bridge lender with significant expertise in development that positions it to streamline the construction process. The company offers a dedicated pool of capital, enabling it to promptly fund construction-related expenses and respond to the individual needs of borrowers. The firm has originated over $5.0 billion across more than 650+ loans and excels in financing small balance loans under $20 million and large balance loans up to more than $250 million. The firm currently has a portfolio of more than 150 active bridge and construction loans.
