{"id":377295,"date":"2026-10-19T22:02:34","date_gmt":"2026-10-19T22:02:34","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/377295\/"},"modified":"2026-10-19T22:02:34","modified_gmt":"2026-10-19T22:02:34","slug":"s3-capital-lends-53m-for-upper-east-side-condo-tower-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/377295\/","title":{"rendered":"S3 Capital Lends $53M for Upper East Side Condo Tower\u00a0 \u2013 Commercial Observer"},"content":{"rendered":"<p>A joint venture between <a href=\"https:\/\/commercialobserver.com\/company\/grand-cru-real-estate\/\" title=\"Grand Cru Real Estate\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Grand Cru Real Estate<\/a> (GCRE) and Visabe has sealed $52.5 million of construction financing to develop a condominium building on Manhattan\u2019s Upper East Side, Commercial Observer has learned.<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/s3-capital\/\" title=\"S3 Capital\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">S3 Capital<\/a> originated the loan to facilitate the sponsorship\u2019s 28-unit condo project at 1527 York Avenue.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/10\/multifamily-debt-refinances\/\" rel=\"nofollow noopener\" target=\"_blank\">A Third of Maturing Multifamily Debt Needs Cash Infusion to Refinance<\/a><\/p>\n<p>Located on the corner of York Avenue and East 81st Street, the 20-story tower will have condo units that range from one to five bedrooms. Resident amenities will include a full-time doorman, fitness center, recreation lounge and children\u2019s playroom.<\/p>\n<p>\u201cUpper East Side condo buyers are a specific audience, and a 28-unit building with layouts up to five bedrooms is aimed squarely at them,\u201d Shawn Safdie, head of origination at S3 Capital, said in a statement. \u201cGCRE understands that buyer, and their successful execution on a recent project gave us the confidence to partner with them again.\u201d<\/p>\n<p>Oak CM will serve as construction manager and general contractor. Construction is slated to begin in early 2027.\u00a0<\/p>\n<p>Steven Jemal, senior managing director of origination at S3, noted that it also financed a condo project for GCRE at 439 East 77th Street four blocks south of this latest project.<\/p>\n<p>\u201cWe know GCRE well from 439 East 77th Street, so we were comfortable with the team and the submarket from the start,\u201d Jemal said in a statement.\u00a0<\/p>\n<p>Salomon Cojab, principal of GCRE, noted that the development is growing with Jack Cattan and Robert Salame also principals.\u00a0<\/p>\n<p>\u201cThis is a very exciting opportunity for both GCRE and Visabe to expand their Upper East Side footprint following the development of 439 East 77th Street,\u201d Cojab said in a statement. \u201cWe continue to show our belief in and commitment to the neighborhood by providing new quality residences that we hope people will call their forever homes.\u201d\u00a0<\/p>\n<p>Visabe did not immediately return a request for comment.<\/p>\n<p>Andrew Coen can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/10\/s3-capital-manhattan-upper-east-side-condos\/mailto:acoen@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">acoen@commercialobserver.com<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"A joint venture between Grand Cru Real Estate (GCRE) and Visabe has sealed $52.5 million of construction financing&hellip;\n","protected":false},"author":2,"featured_media":377296,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[138766,9,24,63,122,124,123,138767,138768,17288,65713],"class_list":["post-377295","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-jack-cattan","tag-new-york","tag-new-york-city","tag-nyc","tag-queens","tag-queens-headlines","tag-queens-news","tag-robert-salame","tag-salomon-cojab","tag-shawn-safdie","tag-steven-jemal"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/377295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=377295"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/377295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/377296"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=377295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=377295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=377295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}