Easternuc: Kips Bay condos get $46M in financing

Eastern Union Funding arranged $46 million in acquisition and construction financing for the development of a 43-unit luxury condominium at 165 Lexington Avenue. The financing package, provided by S3 Capital Group, was negotiated by Eastern Union's Michael Muller and Moshe Lipschitz on behalf of the borrower, Lexington Partners LLC, a joint venture between Brooklyn North Capital and RiverBrook Equities. The joint venture purchased the site as part of an assemblage comprising three contiguous lots at 165, 167 and 169 Lexington Avenue valued at $90 million. The 58,628 s/f site will support an 11-story, mixed-used residential building with 43 condominium units, two commercial spaces totaling 2,860 s/f and a 280 s/f ground floor community facility to be designed by Issac & Stern Architects. The units will include eight 2-bed, 2-bed apartments, four studios and 31 1-bed, 1-bath apartments. Amenities will include a gym, package room, lounge, outside patio, storage/bike room, roof deck, and doorman/concierge. "The joint venture partners and their ability to create a first-class assemblage in an affluent neighborhood-that is just now rising to meet demand for high-quality development-points to this project enjoying tremendous success," said Muller. Construction on 165 Lexington is set to begin December 2018 with completion scheduled for March 2020.The post Kips Bay condos get $46M in financing appeared first on Real Estate Weekly.