JLL Capital Markets has 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 St. and Second Ave. in Midtown East, Manhattan.
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.
“EJS is excited to have closed on this unique assemblage with Krown Point Capital and further expand our development pipeline across New York,” said Ted Segal, founder and president of EJS Group. “We appreciate the efforts of Maxim and JLL in getting this transaction closed.”
The joint venture acquired the two parcels at 1059-1061 Second Ave. along with two air rights packages: one from 1055-1057 Second Ave. and another from 231 E. 55th St. 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.
“After first looking at this site almost 10 years ago, we look forward to developing this exciting project with EJS and delivering much needed housing to New York City,” said Reggie Kronstadt, principal of Krown Point Capital.
