Sonnenblick-Goldman company

Real Estate Weekly, Jan 5, 2000

Acting as the exclusive advisor to 838 Associates LLC, Sonnenblick-Goldman company has arranged the acquisition and development financing for 838 Fifth Avenue in New York City. The Athena Group, LLC, whose principals are A. Alfred Taubman, Louis Dubin (president), and Metin Negrin (COO), will develop the project. Athena is marketing the 838 Fifth Avenue condominiums at prices expected to exceed $2,000 per square foot, or over $10 million per unit.

The super-luxury condominium will be constructed on the southeast corner of Fifth Avenue and 65th Street, which is the former site of the Union of American Hebrew Congregations. The building will contain 10 individual apartments, all of which will face directly onto Fifth Avenue and Central Park. In addition to spectacular views, the building layout (one unit per floor) affords owners approximately 5,000 square-feet of space and complete privacy. The penthouse occupies two full floors. The building exterior will maintain a landmark character, while the interior of the building will boast state-of-the art security systems, high quality finishes and many amenities, including fireplaces and wine cellars.

Steve Kohn, managing director of Sonnenblick-Goldman Company's Capital Markets Group, noted that "The $42 million financing equates to over $750 per square foot, probably setting a new high mark in the United States for non-recourse construction debt. Kohn added, "The multitude of lenders attracted to this financing Opportunity is indicative of the strength of the New York market, the quality of the location, and premier sponsorship."