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Hedge fund helps refinance major Manhattan condo building

Posted on 31 December 2010

Aristone Realty Capital, a New York based lender, in conjunction with Elliott Management Corp., and Grasso Holdings is pleased to announce the recapitalization of 245 Tenth Ave. Aristone recently completed the purchase of a four tranches of outstanding debt, negotiated the settlement of all the outstanding liens, and capitalized the balance of the funds necessary to not only complete the initially planned project, but also to enhance the unit finishes and design improvements.

Grasso Holdings, the parent of the owner of the project, will bring the finished units to market in Spring 2011.

The property, a 44,939 square foot mixed use condominium building was designed by Della Valle Bernheimer and is one of only a few residential properties that is contiguous to the High Line Park, located at 24th Street and Tenth Avenue in Manhattan in the starchitecture landscaped West Chelsea.

The property consists of two commercial units (one of which is already sold) and nineteen residential units that include very large one-bedroom residences, array of wonderful two-bedroom units, and a magnificent penthouse duplex. The Condominium will provide such amenities as a full-time doorman, concierge service, and a terrace and lounge that is located adjacent to the High Line.

Todd Lippiatt of Aristone says, “We are very pleased to assist David Grasso and his team in bringing this amazing condominium to market.  While the complexities of the transaction required creativity and detailed coordination of the several moving parts, we have coordinated the efforts of an outstanding developer, an extremely strong financial partner, and a talented team at Aristone to bring this beautiful, yet once over-leveraged asset back into the marketplace. We think we have a unique product in the chicest area in Manhattan and that the opening of the extension to the High Line Park is a significant bonus for the marketing of the project and the purchasers at the Condominium.” (Press Release)

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