JLL Capital Markets recently announced the successful acquisition of a $36.7 million loan to facilitate the construction of a new, mixed-use condominium building in Manhattan. Located on the border of Flatiron and Chelsea, the building’s official address is 128-130 West 23rd Street, and the project is already under construction.
Designed by Kutnicki Bernstein Architects, the 15-story building will offer 30 high-end condominiums and a single, ground floor retail tenant. Amenity areas will span 2,500 square feet and include a fitness center, tenant storage bike storage, and a roof deck.
Construction permits were filed back in December 2017 and called for a structure measuring about 40,000 square feet including 33 residential units and 3,600 square feet of ground floor retail. Along with updated renderings, the announcement reveals a modest reduction of those figures. The building will now comprise 37,752 square feet that is divided among 30 residential units and 3,673 square feet of retail.
According to an official statement from JLL, the firm worked on behalf of Pan-Brothers Association and Valyrian Capital, the development team behind 128-130 West 23rd Street, to place the construction loan with CapitalSource.