Landsea Homes And DNA Development Close On Acquisition Of Prime Manhattan Development Site In Flatiron
NEW YORK, Sept. 18, 2018 /PRNewswire/ -- Landsea Homes – an international home building and development company with operations in the United States, Europe and Asia – in partnership with DNA Development LLC, a privately held real estate investment and development company, today announced the closing of a $97 million senior and mezzanine loan for its acquisition and development of 540 Sixth Avenue in Manhattan. An affiliate of Mack Real Estate Credit Strategies provided the loan, which was arranged by Patrick Hanlon, Sean Meehan and Ross Cumming of Ackman-Ziff Real Estate Group LLC.
"Landsea Homes is excited to announce the closing of another major deal in Manhattan, reaffirming our confidence in the New York City market," said Thomas Graham, President of the New York Metro Division at Landsea Homes. "This is precisely the type of deal we are looking for in New York City and we are pleased to partner with DNA Development, on this prime corner site in an incredible location close to numerous transportation options, parks, retail, restaurants and cultural institutions."
540 Sixth Avenue is located on the northeast corner of 14th Street and 6th Avenue at the nexus of three thriving downtown submarkets, Flatiron, Chelsea and Greenwich Village. Landsea Homes and DNA Development LLC acquired the site from Extell Development, which had purchased the four adjacent commercial buildings on Sixth Avenue in 2015. The developers are planning to build a luxury residential building with ground floor retail.
"We are thrilled to mark this important milestone and announce our strategic partnership with Landsea Homes to develop a best-in-class property in this sought-after submarket at the crossroads of downtown," said Alexander Sachs, Partner at DNA Development LLC. "With our collective market insight and shared commitment to quality and sustainable building practices, we look forward to delivering a sophisticated product at this corner location."
Landsea Homes develops residences and communities throughout the country, including New York, Boston, Weehawken, Northern and Southern California and Arizona, which reflect modern living while fitting the diverse needs and desires of today's homebuyer. The firm recently announced its first ground-up development in Manhattan. The new luxury condominium, located at 212 West 93rd Street with architecture by ODA's Eran Chen, will seamlessly blend 20 homes, many of which will include outdoor space, above a new 9,350-square-foot synagogue.
Active throughout Manhattan and Brooklyn, DNA Development is also developing a condominium on the Upper West Side at 350 West 71st Street. The firm is combining two historic buildings in a landmarked district on a classic townhouse cul-de-sac block, to create a brand new residential offering designed by DXA Studio with 38 contemporary homes and luxury lifestyle amenities. DNA Development's current work also includes the development of a new 30,000-square-foot mixed-use commercial glass jewel box property just off Fifth Avenue at 12 West 48th Street between Rockefeller Plaza and Fifth Avenue. The project is nearing completion this year and was designed by Ennead Architects.
ABOUT LANDSEA HOMES
Landsea Homes designs and builds best-in-class, high-performance homes and sustainable master-planned communities in some of the most desirable markets in the United States. The company has developed homes and communities in New York, Boston, New Jersey, Arizona and throughout California in Silicon Valley, Los Angeles and Orange County.
Creating inspired places that reflect modern living, Landsea Homes builds suburban, single-family detached and attached homes, mid- and high-rise properties, and master-planned communities to meet the diverse and ever-changing expectations and lifestyles of our homebuyers today and tomorrow.
Led by a veteran team of industry professionals who boast years of worldwide experience and deep local expertise, Landsea Homes is committed to positively enhancing the lives of our homebuyers, employees and stakeholders by creating an unparalleled lifestyle experience that is unmatched everywhere we build.
Landsea Homes is a wholly-owned U.S. subsidiary of Landsea Green Group, an international homebuilder that thinks globally but operates locally. Operating on three continents including Europe, Asia and North America, Landsea's deep knowledge and experience of building and living in different environments all over the world deliver homes that embrace the local lifestyle in which they are built.
ABOUT DNA DEVELOPMENT
DNA Development is a privately held, vertically integrated real estate investment and development company focused on acquiring and building mixed-use residential, retail, boutique office and hotel development properties that exceed expectation. Formed in 2014 by the principles of Wildedge Group and Fifth Square Partners, DNA Development pursues ground-up development, value-add repositioning opportunities and adaptive re-use conversion projects in New York City, Brooklyn and beyond. DNA recently completed its ground up condominium at 280 St. Marks Avenue where it developed 31 unique homes, each with outdoor space in Prospect Heights, Brooklyn.
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SOURCE Landsea Homes; DNA Development LLC
Released September 18, 2018