Turtle Bay, Manhattan
$10,000,000 First Mortgage Bridge Loan to refinance a prime development site on East 44th Street in the Turtle Bay neighborhood near the United Nations on Manhattan’s East Side. This site currently consists of one 3-story and one 5-story building totaling 10,800 square feet, however based on the zoning and additional air rights transferred to the site prior to our closing the development potential is for 71,700 square feet of residential or mixed-use space. As is typical in an assemblage, our borrower is both negotiating tenant buyouts for some units and waiting for other leases to expire with a goal of being able to package and prepare the site for sale to a developer “ready to go”. Depending upon the pace of the buyout process the borrower will either keep our loan in place or seek to refinance with a conventional lender.