S3 Capital Lends $52.5M for Condo Tower at 1527 York Avenue

Key facts

Address

1527 York Avenue, at the corner of York Avenue and East 81st Street, Manhattan

Loan

$52.5 million in construction financing

Lender

S3 Capital

Developer

Joint venture of Grand Cru Real Estate (GCRE) and Visabe

Units

28 condo units, one to five bedrooms

Height

20 stories

Contractor

Oak CM, construction manager and general contractor

Start date

Construction slated to begin in early 2027

What it means

The highlights

1. The 20-story tower at York Avenue and East 81st Street will have 28 condos.
2. Units will range from one to five bedrooms, with a doorman and fitness center.
3. Construction is slated to begin in early 2027, with Oak CM as general contractor.

Why it matters Landlords

Shows private lenders are still funding for-sale condo construction on the Upper East Side, adding market-rate supply rather than rentals.

Not known yet

• Expected sale prices for the units
• When construction will finish and when sales will start
• Whether any units will be affordable or rented rather than sold
• What currently stands on the site

Background

In New York City, a new building generally needs plans approved and permits issued by the Department of Buildings (DOB) before construction can start. Condo units in a new development are typically sold under an offering plan that must be filed with and accepted by the New York State Attorney General's office before sales begin. Construction loans like this one usually fund the building in stages as work moves forward.