Akerman represents Lex 47th on $156 million construction loan for branded condominium development
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 finishing stage.
“We are delighted to complete this transaction with Fortress, marking another significant milestone in the development of 131 East 47th Street,” Patrick Zhu, chief executive of the developer, said in a press release. “We are also excited about the recent progress of this project and grateful to everyone who has helped us progress along the way. We continue to lean forward and plan to hit the market this fall. »
“The development and financial environments have been tough lately, but we believe in New York City and we believe in this project. Both are well worth the effort,” said Scott Shea, chief legal officer of Lex 47.e.
Akerman LLP represented Lex 47e on construction financing and 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 managed 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 luxury, brand name condos and first-class retail,” Cohen said. “We are proud to join Lex 47e in this landmark achievement.
The project is designed by Ismael Levya Architects and Neri & Hu. Its elegant design “tells a story about the architectural heritage of the neighborhood and its importance as the cultural and commercial center of Manhattan”, Lex 47e said. “The building’s distinctive crown pays homage to the surrounding Beaux Arts and Art Deco landmarks, while its clean vertical lines and floor-to-ceiling windows evoke the next era of luxury living in the heart of Manhattan.”
The 191 homes range from studios to two bedrooms. In addition to top-notch private amenities, residents will enjoy cultured and hospitality-inspired concierge services, crafted by a top-notch service team behind some of the world’s finest hotels. The base of the building will incorporate retail spaces designed as an extension of resident amenities. The developer has enlisted the assistance of RAL Development Services LLC as the owner’s representative to help manage all aspects of the project.
Fortress Investment Group was represented by King and Spalding LLP.
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