Magnum Real Estate & Isaac & Stern Architects Unveil Renderings for 11-story Condo Development in Greenwich Village

A new mixed-use residential building is set to rise on the eastern edge of Greenwich Village, Manhattan. The project, located at 813-815 Broadway, is being developed by Magnum Real Estate Group and designed by Issac & Stern Architects. The 11-story building will feature 20 condominium units, ranging from one- to four-bedroom layouts, alongside 2,389 square feet of ground-floor retail space. Notably, Ryan Serhant of SERHANT will handle sales and marketing for the development, which will also include three exclusive penthouse units.

Architectural Features and Design

The building’s design, as seen in a rendering on Naftali Group’s website, showcases a symmetrical eastern facade facing Broadway. The structure will feature a tight grid of floor-to-ceiling windows in various shapes, including rectangular, square, and arched forms. The facade will be wrapped in a consistent brick envelope, complemented by metal-railed balconies on each level, starting from the second floor. The top of the building will boast a landscaped rooftop deck, complete with clear glass railings. On the ground floor, the retail space will occupy a double-height area with light-brown paneling that harmonizes with the brick tones above. The northeastern corner will serve as the residential entrance, marked by a sidewalk canopy.

Financial Backing and Loans

The development has secured significant financial backing, with Naftali Credit Partners recently issuing a $13.4 million mezzanine loan to Magnum Real Estate Group. This loan is part of a larger $31.4 million mezzanine financing package provided by Naftali for the project. Additionally, Naftali Credit Partners structured the entire $38.4 million construction loan for the property. The mezzanine loan will be utilized to refinance the existing land loan and cover future development expenses.

Location and Accessibility

The site’s proximity to public transportation is a key feature, with the nearest subway station at 14th Street – Union Square, offering access to the N, Q, R, W, and 6 trains.

Project Timeline

As of now, no official timeline for the demolition, construction start, or completion of 813-815 Broadway has been announced.