London Investor Backs Historic New York Development

LONDON, January 16, 2014 /PRNewswire/ --

London-based investor Bhanu Choudhrie has been at the heart of efforts to secure a historic development in New York City.

Mr Choudhrie, executive director of C&C Alpha Group, based in Victoria, was behind the founding of Megalith Capital Management which is one of two firms carrying out the development in Manhattan.

The other partner is Imperial Development Group. The partnership has been granted approval from the New York City Landmarks Preservation Commission for its development of a luxury condominium building located at 6 Cortlandt Alley in Tribeca.

"This is an important project in an historic area of one of the world's leading cities," Mr Choudhrie said. "We are delighted to be involved with it."

"We are excited about the opportunity to participate in the rapid transformation of the Broadway corridor in eastern Tribeca," said Vishal Arora of Megalith. "Eastern Tribeca has become one of the most desirable areas in lower Manhattan."  

The developer will convert one of east Tribeca's oldest landmarked buildings into five luxury loft condominiums.  The project will be a unique offering that combines amenities sought after by discerning Tribeca buyers while retaining the exclusivity of a five unit building.

"We are enthusiastic to deliver authentic 3 and 4 bedroom luxury floor-through and penthouse units that include substantial outdoor space", said Ryan Kaplan of Imperial. "The entrance on Cortlandt Alley will provide homeowners privacy reminiscent of a London mews or a West Village side street."

Construction and sales are expected to commence in the spring.  Marketing for the project is being handled by Stribling & Associates.

About Megalith Capital Management

Megalith Capital Management is a residential real estate owner and developer focused on investments in New York City and urban, supply-constrained markets. The firm's integrated platform specializes in the acquisition, development, repositioning and management of residential properties. Through opportunistic and value-added strategies, Megalith is able to offer high-end properties at competitive rental rates and sales prices. The firm was founded with an anchor investment led by affiliates of C&C Alpha Group Ltd and its Executive Director, Bhanu Choudhrie.  Megalith owns and manages approximately $200 million of real estate assets and anticipates significant growth in the coming years. (http://www.megalithcapital.com)

About Imperial Development Group

Imperial Development Group, LLC is a Manhattan-based real estate Development and Investment company. The firm focuses on unique, innovative, high-quality projects that deliver value to both its investors and clientele. Given the diverse backgrounds of its members, the group has an impressively strong cross-functional understanding of how to source, procure, and execute the development process. Core in-house expertise includes market analysis, construction, and interior design.

The firm carefully selects projects that stand out within their neighborhoods, looking only to develop the most exceptional buildings. (http://www.imperialdev.com)

Contact: Eben Black eben.black@newgatecomms.com +44(0)7887-636-914.