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JLL Represents JV in Acquisition, Financing for Midtown East Luxury Development

JLL Capital Markets arranged both the $39-million acquisition of two corner development sites at 1059-1061 Second Ave. and the $38 million in land and pre-development financing for a planned luxury residential development at the southwest corner of East 56th Street and Second Avenue in Midtown East.

JLL represented the developer, a joint venture between EJS Group and Krown Point Capital, in the acquisition of the two contiguous lots and associated air rights. The company also secured pre-development financing through Maxim Capital Group.

The JV acquired the two parcels at 1059-1061 Second Ave. along with two air rights packages. JLL advised the partnership throughout the assemblage, acquiring the four buildings at the corner of 56th Street and Second Avenue and immediately selling the underlying buildings at 1055-1057 Second Ave. once the air rights were separated and transferred to the corner site.

The JLL Capital Markets Investment Sales and Advisory team was led by managing director Clint Olsen. The Debt Advisory team included managing director Jillian Mariutti and senior director Stephen Van Leer.

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JLL's Olsen

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing