News Releases
CANYON CAPITAL PROVIDES $5.75 MILLION FOR ACQUISITION AND REDEVELOPMENT OF PROPERTY NEAR MANHATTAN'S HIGH LINE IN WEST CHELSEA NEW YORK
NEW YORK, February 1, 2005 - Canyon Capital Realty Advisors has helped finance the acquisition of one of the few remaining underutilized sites in the up-and-coming West Chelsea district of New York City.
Largely unused since a trucking company left the site in 1996, the land located on West 24th and West 25th streets was purchased with an eye toward redeveloping it for residential and commercial uses. The West Chelsea district's predominant manufacturing zoning has fallen out of fashion in an area of Manhattan that is being revitalized by art galleries, studios, high-fashion retail and other residential developments.
With a $5.75 million bridge loan from Canyon Capital Realty Advisors, High Line Partners of New York acquired 10,255 sq. ft. of land and 96,900 square feet of air rights. The property is entitled for a variety of commercial uses, and the New York City Department of Planning is considering a change of the property's zoning to allow for residential development.
The property is located beneath and adjacent to the High Line, a 1.45-mile elevated railroad track that was used from the 1930s until 1980 to transport goods to and from factories along Manhattan's West Side. There is strong neighborhood support for converting the abandoned High Line into an elevated public park, a novel use that is expected to make the area even more desirable as a place to live and work.
"The High Line represents West Chelsea's manufacturing past and holds promise for its future," said Jonathan Roth, Principal of Canyon Capital Realty Advisors. "We are helping to finance the purchase of valuable, underused land in this evolving neighborhood."
High Line Partners LLC is owned by Alf Naman, a veteran real estate investor, owner, developer and broker in both commercial and residential properties in Manhattan. Canyon and Naman have worked together on other real estate investments.
"In this highly complicated transaction, Canyon proved their value to real estate investors like me," Naman said. "Over a single week, Canyon helped structure, document, fund and close the deal."
Based in Beverly Hills, Calif., Canyon Capital Realty Advisors LLC focuses on providing debt and equity capital to real estate owners, operators, developers, corporations and entrepreneurs, enabling them to participate in transactions that would have traditionally eluded them due to capital constraints. Canyon has built its reputation on creative underwriting and structuring, reliable commitments, overall professionalism and timely closings.
Since 1990, the principals of Canyon have invested more than $2 billion in transactions involving more than 175 real estate and mortgage assets with a total value of $4.4 billion. These investments encompass a diverse mix of property types, including office buildings, apartments, warehouses, shopping centers, hotels, mixed use, medical offices, land, performing and non-performing loans and developmednt opportunities.
