Vanbarton Group acquired 1011 First Ave. for $103 million from The Roman Catholic Archdiocese of New York. Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management, is providing $250 million in acquisition and construction financing.
The 20-story, nearly 400,000 square foot property has been the headquarters for the Archdiocese since 1973 and was known as the Cardinal Terrence Cooke Center. Vanbarton plans to convert the building into a 26-story, 420-unit luxury residential property including 105 affordable housing units, nearly 8,000 square feet of retail at the base and more than 55,000 square feet of amenities.
“The addition of 1011 First Ave. to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate, encompassing over five million square feet and 5,000 residences,” said Vanbarton principal Joey Chilelli.
CBRE’s Doug Middleton and Pierre Hills advised the Archdiocese on the sale, and Greenberg Traurig represented Vanbarton Group.
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