S3 Capital originated $52.5 million of construction financing for a joint venture between Grand Cru Real Estate (GCRE) and Visabe to develop a 28-unit condo project at 1527 York Avenue. The 20-story tower on the corner of York Avenue and East 81st Street will have condo units ranging from one to five bedrooms.
Resident amenities will include a full-time doorman, fitness center, recreation lounge and children’s playroom. Oak CM will serve as construction manager and general contractor, with construction slated to begin in early 2027.
S3 Capital previously financed a GCRE condo project at 439 East 77th Street, four blocks south of the latest project, according to Steven Jemal, senior managing director of origination at S3. “Upper East Side condo buyers are a specific audience, and a 28-unit building with layouts up to five bedrooms is aimed squarely at them,” Shawn Safdie, head of origination at S3 Capital, said in a statement.