Feb 24, 2010

Loan on West 86th St. Townhouses on the Market


iPhone photo: courtesy of Mitchell Hall

According to the Real Deal the $25.1 million first mortgage secured by three adjacent buildings at 272-276 West 86th Street is on the market.The loan was used to refinance 272 West 86th Street and aquire 274 and 276 West 86th Street, as well as fund tenant buyouts and pre-development costs at the properties. The pre-war walk up buildings are each 5 stories and have a combinred 18,645 square feet spread out over 30 units. The lot allows for 61,290 buildable square feet.

At the same time, community efforts are underway to Save the West 86th Street Townhouses. A petition to NYC Landmarks Preservation Commission was created by West End Preservation Society.

These four West 86th Street Gilbert townhouses are built in the French Neo-Renaissance style with delightful details worked into their stone facades. These buildings exhibit rounded bays running up three stories of the buildings, petite balconies, intricate floral swags atop the tall windows and mirror-image placement with respect to one another. This unique architectural design allows each of the four structures to be differentiated from the other yet at the same time exhibits a smooth, sensuous curve when viewing the four together. West 86th Street was once all townhouses from Central Park West to Riverside Drive. There are community efforts to designate all of West 86th Street a historic district.

sign the petition

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