Lex 47th Property Owner LLC Secures $156M Construction Loan For 191-Unit Condominium Tower In Midtown Manhattan

The development site located at 131 East 47th Street in Midtown, Manhattan has been involved in a closed transaction. This development site has a buildable square footage (BSF) of 187,000 and is planned to have 191 units. The transaction involved the lender Fortress Investment Corp, represented by Andrew DiMiero. The developer of the site is Lex 47th Property Owner LLC, with Patrick Zhu and Scott Shea leading the project. The brokerage team from JLL, consisting of Max Herzog, Scott Aiese, Chris Peck, and Matt Fagella, facilitated the deal.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $156,000,000
• Lender: Fortress Investment Corp - Andrew DiMiero
• Developer: Lex 47th Property Owner LLC - Patrick Zhu, Scott Shea
• Brokers: Max Herzog, Scott Aiese, Chris Peck, and Matt Fagella - JLL
• Loan Type: Construction
• Loan Terms: Construction Loan for a 191-unit condominium tower

Fortress Investment Corp, represented by Andrew DiMiero, provided a construction loan of $156,000,000 for the development of the 191-unit condominium tower on the site located at 131 East 47th Street. The development is led by Lex 47th Property Owner LLC, with Patrick Zhu and Scott Shea at the helm. The brokerage team from JLL, comprising Max Herzog, Scott Aiese, Chris Peck, and Matt Fagella, played a crucial role in facilitating the transaction.