NEW YORK CITY— The Gilar Group received $125 million in financing for the purchase of the Theatre House, a 22-story glass building located at 237 East 34th St. in Murray Hill. Forkosh Development Group was the seller.
The mixed-used apartment building is at the site of the former 34th Street East Theatre, and provides residences alongside 7,000 square feet of communal indoor and outdoor space.
The five-year deal features interest-only payments and was structured across three other properties: 315 Fifth Ave., 114 W. 86th St. and 540 Third Ave.
The Gilar Group also owns the building which houses the Cafeteria restaurant, located at 119 17th Ave. in Chelsea.
Meridian Capital Group's senior VP Simon Rosenfeld and EVP Jeff Weinberg negotiated the financing for this transaction.
“The exceptional quality of the asset and premium location made this an attractive loan and Meridian generated significant interest from lenders, ultimately allowing us to structure financing that suited the borrower's needs and helped secure the desired proceeds for the purchase of the Theatre House,” says Rosenfeld.
Built in 1963, the structure was formerly a lecture hall and offices owned by Yeshiva University before being sold to the Forkosh Development Group in Nov. 2012 for $15.5 million. It was zoned for street-level retail and as a residential apartment. The Real Capital Analytics database also notes a prior sale of the building in March 1997 for $2.7 million.
The property is located at the intersection of Murray Hill and Kips Bay, within walking distance to Bryant Park, the Empire State Building, the United Nations headquarters and the Broadway theater district.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
