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Strategic Capital Announces Its First New York City Development

KEYWORDS: 537 Greenwich Development Plaza Construction Real Estate Residential Strategic Capital

Strategic Capital today announced its first development located in the Hudson Square neighborhood of Manhattan. With a national portfolio in excess of $1 billion, this deal signifies Strategic Capital’s first foray into the residential market in Manhattan.

The site is located at 110 Charlton Street and 537 Greenwich Street and when complete will be a 280,000 square foot tower with 170 residential units, ground floor retail and parking. The site, located at the confluence of Soho, West Village and Tribeca, has unobstructed views of the Hudson River. The partnership has tapped Parisian-based Loci Anima and Adamson Associates for the luxury loft design. The project’s construction is expected to commence in early June. Sales for the condominiums are slated for Spring 2018.

“CCA is pleased to see Strategic Capital’s fast growth and expansion. We look forward to continuing our successful track records with this important Manhattan project,” said Ning Yuan, President of CCA, who also notes that the CCA’s experience as an international investor, developer and builder will provide a strong foundation for this new project.

“This investment demonstrates our in-house ability to identify, finance and develop large scale real estate assets. We delicately structured this project and refined the design to move it forward quickly, which would maximize the benefits for all parties.” said Linsen Zhang, President of Strategic Capital.

“We look forward to having the opportunity to partner with both Strategic Capital and FACP in the development at this unprecedented West SoHo site that has been a major focus of Cape’s for over two years,” said Craig Wood, Co-Founder and Co-Managing Partner at Cape Advisors.

“We’re very excited the Hudson Square project will soon be underway. We gradually realized the value Strategic Capital and Cape Advisors added to the development tis tremendous and invaluable especially during the last few months of negotiation. Partnering with them will provide an excellent source of knowledge and expertise as both firms possess impressive portfolios,” said Mikhail Kurnev, Managing Partner at Forum Absolute Capital Partners.

Eastil Secured brokered the joint venture between Strategic Capital and Cape Advisors. Shearman & Sterling represented Strategic in the transaction while Haynes Boone represented Forum and Cape.

Strategic Capital is a global investment and development company based in the Greater New York area. The firm has a strong development capability, with an integrated team of engineering, construction, architecture, design, finance and business professionals. Strategic Capital owns, develops, manages and finances high-quality assets in the most resilient and dynamic gateway cities. The firm is owned by CSCEC, one of the world’s largest investment and construction companies, through its US subsidiary CCA which was established in 1985.

Founded in 1995, Cape Advisors boasts an extensive real estate development and investment portfolio and has completed over $1.5 billion in projects primarily located in New York City and New Jersey.

Forum Absolute Capital Partners is a private equity firm that was founded in 2012. FACP has been active in the New York metro area and is currently involved in a handful of residential developments in Manhattan.