Douglaston Development Secures $106.8M Construction Loan In Hell's Kitchen, Manhattan

The multifamily property located at 509 West 48th Street in Hell’s Kitchen, Manhattan, with a BSF of 131,668 square feet, was the subject of a new construction loan worth $106.8 million. The loan was obtained by Douglaston Development from the New York City Housing Development Corporation for a 158-unit project.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $106,800,000
• Market: Hell’s Kitchen, Manhattan
• Lender: New York City Housing Development Corporation & Housing Preservation and Development Corporation
• Landlord: Jed Resnick & Jeff Levine - Douglaston Development
• Loan Type: Construction

Douglaston Development, represented by Jed Resnick and Jeff Levine of Douglaston Development, secured the substantial loan for their development project in Hell’s Kitchen, Manhattan. The lenders involved in this transaction were the New York City Housing Development Corporation and the Housing Preservation and Development Corporation.