Mission Capital Arranges $20 Million of Equity to Finance the Acquisition of 146 Residential Condominiums at 733 Amsterdam Avenue

August 22, 2017

National Advisory Firm Procured Equity Partner for ABC Properties for New Acquisition Following the Sale of $25 Million Skyview-on-the-Hudson Debt to ABC in 1Q 2017

Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged approximately $20 million of equity financing for the acquisition of 146 rent-regulated condominiums at 733 Amsterdam Avenue, a luxury residential property in Manhattan. Jason Parker and Jeff Granowitz represented ABC Properties in bringing in a majority equity partner to facilitate the transaction with seller Starrett Corp. Mack Real Estate Credit Strategies also provided the buyers with a $55-million acquisition loan.

Constructed in 1971, the property — which is also identified as 175 West 95th Street — is a 27-story, 229-unit multifamily building. In 2015, the seller converted the building to condominiums and embarked on a significant capital improvements campaign, including refreshes to the entryway, terraces and common areas. With these enhancements, the property has been transformed into a premier luxury residence, which also features a 24-7 doorman/concierge, a newly-built fitness center, a children’s play space and a lounge.

ABC’s plans for the property include additional capital improvements to both common areas and apartment interiors.

“Our client, Myles Horn of ABC Properties, was seeking to acquire this well-appointed property with significant upside, and we were able to run an exclusive JV equity process in a very short timeframe to bring in a partner that would enable him to move forward with the transaction,” stated Granowitz.

In a separate transaction acquired by ABC Properties in the first quarter of 2017, Mission Capital advised the seller of the $25 million non-performing loan secured by the co-op shares relating to 262 apartments at Skyview on the Hudson in Riverdale, NY.

“Mission had a great experience with ABC on both transactions,” added Parker. “Myles and ABC have consistently been able to execute their value-add business plan and unlock the hidden potential of condominium properties. This is a trophy-type property in one of New York’s most attractive neighborhoods, and Myles recognized the significant potential that this condo package presented.”