Rockrose Tires of Dorm Life

Rockrose Development Corp. appears to be selling an New York University dorm at 15 Cliff Street in lower Manhattan for over $60 million, financing firm Meridian Capital Group announced today. Meridian secured a $61 million loan for Lalezarian Properties to buy the property.

Maybe the 31-story building has some unconventional dorm rooms: the press release on the sale called the property a “luxury rental building.”

According to NYU’s student paper, the Washington Square News, Rockrose wanted to convert the property to condominiums, kicking out NYU for the current academic year. This past winter, Rockrose reconsidered, and now, it seems, has chosen a different path.

We’ve put out a call to Rockrose, but haven’t yet heard back.

Press release below:

 

MERIDIAN CAPITAL GROUP ARRANGES $61 MILLION IN FINANCING

FOR NYC MULTIFAMILY IN FINANCIAL DISTRICT

New York, NY – Meridian Capital Group recently arranged financing in the amount of $61,000,000 for the acquisition of a luxury rental building with commercial space and parking located at 15 Cliff Street in Manhattan’s Financial District. The 31-story building contains 156 apartment units, 1,800 square feet of retail/commercial space, and a 4,734 square foot garage. Charles Grussgott and Abe Hirsch of Meridian’s New York office negotiated on behalf of Lalezarian Properties to secure this loan.

Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,500 transactions in 2006, totaling over $17 billion.