NEW YORK CITY— JDS Development and Largo Investments, the owners of the Fitzroy building, received a $91 million first mortgage loan, collateralized by the property. The 10-story, ultra-luxury condominium is located at 514 W. 24th St., between 10th and 11th avenues.
The owners acquired the property in July 2014, and began developing it into high-end condominiums, comprising 14 units. The apartments will range from roughly 2,300 square feet for two bedrooms to 4,500 square feet for five bedrooms. The Fitzroy website states pricing begins at approximately $5.6 million.
JDS Development and Largo Investments originally purchased the property, a 21,907 square-foot, three-story structure, constructed in 1926, for $34.8 million, according to Real Capital Analytics.
The Fitzroy now is located near the High Line and near well-known Manhattan art galleries. It has expanded to a net usable area of 52,276 square feet with a gross building area of 65,346 square feet.
The building systems are now complete and a number of units are already under contract. The loan provided by Madison Realty Capital will cover existing loans and costs of completing renovations which include the finishes, elevators, common area and façade work. Construction is expected to be completed during summer 2018.
“We are a unique originator that can address the needs of even the most sophisticated borrowers, with timely funding that larger banks typically cannot fulfill,” says Josh Zegen, Madison Realty Capital's co-founder and managing principal. “We were particularly proud of our ability to close this deal in less than a month, allowing the development team to finalize this highly-anticipated residential project.”
The financing, which took three weeks to close, addressed all of the owner requirements and accelerated construction, says Michael Stern, CEO of JDS Development Group.
In addition to the developers, JDS Development and Largo Investments, the project's team includes architects Roman and Williams and engineers Severud Associates, BuroHappold, and L'Observatoire International.
Aaron Appel from Jones Lang LaSalle represented the borrower in this deal.
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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.
