Grand Cru Real Estate (GCRE) and Visabve Corp. have secured a $52.5 million construction loan from S3 Capital to advance a new condominium project on Manhattan’s Upper East Side. The loan supports a ground-up residential development at 1527 York Ave., with the financing closing in tandem with the sponsor’s acquisition of the site earlier this month.
The planned 20-story building will deliver 28 condominium residences in a boutique-scale format tailored to Upper East Side buyers. The unit mix is expected to range from one- to five-bedroom homes, aiming to address demand for larger layouts in a high-end residential enclave.
The property is positioned within walking distance of the Q and 6 subway lines as well as the East River waterfront, providing residents with access to both transit and neighborhood open space. On-site amenities are slated to include a gym, recreation lounge, children’s playroom, and a full-time doorman, aligning the building with service and lifestyle expectations in this segment of the Manhattan condo market.
Oak CM has been engaged as construction manager and general contractor for the project, overseeing delivery of the 20-story structure and its amenity program. The sponsors’ ability to close on both the site acquisition and the construction financing in the same month underscores a coordinated capital and development plan for the York Avenue asset.
S3 Capital, described as a national real estate lender, is providing the construction loan. The firm previously financed GCRE and Visabve Corp.’s boutique condo project at 439 East 77th St., marking this new mandate as a continuation of an existing lender-sponsor relationship. That earlier collaboration and its execution track record were cited by S3 Capital as factors in its decision to finance the York Avenue development.
Commenting on the deal, Shawn Safdie, Head of Origination at S3 Capital, noted that Upper East Side condo buyers represent a specific audience and that a 28-unit building with layouts up to five bedrooms is designed to appeal directly to that cohort. Safdie added that GCRE’s understanding of this buyer profile and its performance on the prior East 77th Street project contributed to S3 Capital’s confidence in partnering with the developers again on the 1527 York Ave. undertaking.
The image associated with the announcement was provided courtesy of S3 Capital, highlighting the lender’s role in the transaction and reinforcing its ongoing presence in Manhattan’s condominium construction financing space.
