New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
$91M to Finish The Fitzroy
Another nearly-finished condominium has received a financial lifeline. JDS Development and Largo Investments have borrowed $91 million from Madison Realty Capital (MRC) to finish The Fitzroy, a nearly-complete, 10-story ultra-luxury condominium located at 514 W. 24th St. in the West Chelsea neighborhood of Manhattan.
“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,” says Josh Zegen, co-founder of MRC.
The developers bought the asset in July 2014 and began developing the property, including 14 super-luxury condominiums averaging just under 3,000 square feet in size. Listings start at $6.1 million for a 2,265 square foot condo, according to StreetEasy.
For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson
- ◦Development
