NEW YORK CITY-Meridian Capital Group has negotiated acquisition financing on behalf of JDS Development Group for a sprawling vacant lot on First Avenue, in the Murray Hill section of Manhattan, the firm reported Thursday.
The loan was provided by UBS Real Estate Securities Inc. and originated by Meridian managing director Moshe Majeski. The loan terms were negotiated by managing directors Ronnie Levine and Aaron Appel. JDS purchased the 730,426 square foot development site located at 616 First Avenue from Sheldon Solow and intends to construct two multifamily towers there. Plans call for a 37-story building and a 47-story building, containing a total of 830 units.
The property spans the entire block along First Avenue between 35th Street and 36th Street, overlooking the East River. The parcel is zoned for residential use and is the smaller of two plots totaling nine acres that were originally purchased in 2005 from Con Edison. Forbes magazine reported in January that Solow sold the land to JDS for approximately $200 million. It also noted that Solow generally hangs onto properties and develops them over time, but seldom sells.
“Meridian arranged the financing with UBS Real Estate Securities Inc. in 17 days, leveraging its extensive relationship with the lender to enable the sponsorship to take advantage of one of the most unique post-Lehman buying opportunities in Manhattan,” says Appel in the announcement.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
