Mink Development received a $30 million first mortgage loan provided by Madison Realty Capital to finance the redevelopment of the Vanderbilt Mansion at 39 East 72nd Street, a 13,310 square feet, five-story landmarked townhouse located in the Upper East Side.
Mink Development's Daniel Minkowitz and partners purchased the landmarked property in April 2014 for $19 million. With the new financing in place, the developers plan to retire the existing loan and complete construction to convert the property into a new seven-story, 18,412 square-foot super luxury condominium with three high end residential condominium units featuring private access, high ceilings and outdoor space.
"We have pulled permits and the project is expected to be completed within 18 months," said Minkowitz, who said each unit will span between 5,000 to 6000 square feet. According to Minkowitz, the projected total sellout of the development is north of $70 million. "We expect the units to come market this summer with a swift sellout expected."
The property, which was partially occupied at the time of the borrower's original purchase, has since been vacated and approved for redevelopment from the Department of Buildings and the Landmarks Preservation Commission. The renovation plans will restore the historic character of the building while modernizing the space to provide finishes typically found in the New York luxury condominium market. The project has been designed on its exterior and interior by hall of fame Cetra Ruddy Architects.
The 19th century Neo-Greco style property is a mid-block site located on the north side of the street between Madison Avenue and Park Avenue, in what is considered one of the most affluent residential neighborhoods in the country. The neighborhood is famous for its classic architecture, world-class shopping and restaurants, and plays host to a variety of cultural institutions.