Lex 47th Property Owner LLC has secured financing for its luxury condominium development at 131-141 East 47th Street in Manhattan, between Lexington and Third Avenues. Affiliates of Fortress Investment Group provided the $156 million construction loan, which closed on May 16, 2022, on the heels of the project’s recent topping-off milestone.
“We are pleased to finalize this transaction with Fortress, marking another important milestone in the development of 131 East 47th Street,” said Patrick Zhu, General Manager with the developer, in a statement to the press. “We are also excited with the recent progress of this project and thankful to all who have helped us progress along the way. We continue to lean forward and expect to come to market this coming fall.”
“The development and financial environments have been challenging lately, but we believe in New York City and we believe in this project. Both are well worthy of the effort”, said Scott Shea, Chief Legal Officer for Lex 47th.
Akerman LLP represented Lex 47thon the construction financing and a related corporate restructuring. The financing was led by New York Real Estate Partner Alan Cohen, and Maureen Hannon, David Otero, Josh Rinesmith, Frank St. Jacques, and Lorraine Michels; the restructuring was handled by Tax Partners Philip Weingold and Rob Loewy, and Corporate Partner David Tanenbaum.
"This exciting project represents the first U.S. investment by a leading International developer and will enhance the Midtown East neighborhood with desirable luxury, branded condos and first-class ground level retail", Cohen said. "We're proud to join Lex 47thin this milestone achievement."
The project is designed by Ismael Levya Architects and Neri & Hu. Its elegant design "tells a story about the neighborhood’s architectural legacy and significance as Manhattan’s center of culture and commerce," Lex 47thsays. "The building’s distinctive crown honors the surrounding Beaux Arts and Art Deco landmarks while its clean vertical lines and floor-to-ceiling windows speak to the next era of luxury living in the heart of Manhattan."
The 191 homes range from studio apartments to two-bedrooms. In addition to top-tier private amenities, residents will enjoy cultivated, hospitality-inspired, concierge services designed by a white-glove service team behind some of the world’s finest hotels. The base of the building will incorporate placemaking retail designed as an extension of the resident amenities. The developer has enlisted the assistance of the RAL Development Services LLC as an owner’s representative assisting in the management of all aspects of the project.
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