RoundSquare Development’s Luxury Condo Secured $26.2M Loan

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Move over, Billionaires’ Row — bring on the boutique condo boom

VM Properties Group and the Kaliner family’s RoundSquare Development are seeking to build the latest small, upscale condo building in Manhattan.

The group of developers secured a $26.2 million construction loan from Urban Standard Capital for a new 11-story luxury condo at 227 West 19th Street in Chelsea.

But instead of opting for a sleek modern glass exterior, the building will sport a more classical façade, drawing inspiration from Robert Kaliner’s other high-profile townhome projects in downtown Manhattan.

The Chelsea condo will feature just eight residences, which include a 4-bedroom townhouse with a private garage, five full-floor 3-bedroom units and two duplex 4-bedroom penthouses. A rendering shows the unit windows set back on ledges. It will also feature a rooftop terrace.

Urban Standard’s Seth Weissman said he is noticing heightened demand for high-end bespoke residential projects. His firm has developed a niche as one of the more active lenders in the Hamptons. Ultra-luxe residential projects are increasingly forgoing banks and turning to private lenders, such as Weissman’s firm, which can close on deals quicker. Urban Standard provided a $19 million loan for another 5-story new condo project in Tribeca.

“They’re not like these stodgy institutional guys,” said Robert Kaliner about Urban Standard.

The Kaliners and Weissman initially connected after Weissman sent a LinkedIn message a few years ago. They all met over drinks and a few shrimp cocktails at the Kaliners’ place.

The developers purchased the site for about $6 million in late 2023, with Urban Standard providing the initial $14 million when the group acquired the Chelsea site with VM Properties Group.

Construction is expected to be completed in 2026.

The small-end condo market is thriving amid strong demand for luxury development, especially in trendier parts of Downtown Manhattan.