JV Equity / Debt
523 Canal Street is a vacant approved site in Stamford, Connecticut that will be developed into a luxury multifamily building containing 173 units. Due to its proximity to New York City, thriving economy, educated workforce, and its vast corporate presence, the site is in one of the most desirable locations in the New York metropolitan area. The plot sits 0.3 miles from the Stamford Transportation Center, the busiest one between New York and Boston, serving passengers traveling on Metro-North (with direct service to NYC’s Grand Central Terminal), Amtrak (with direct service to DC, Philadelphia, Newark Airport, and Boston), and CT Rail. The location is also a short walk from many of the large employers in Stamford, numerous shopping, dining, and entertainment destinations, and the $3.5 billion, 82-acre Harbor Point development. The project also sits in a Qualified Opportunity Zone, thereby providing investors with significant capital gains tax benefits. The city of Stamford has approved this project and is eager to continue the ongoing redevelopment of the downtown and waterfront neighborhoods.