Madison Realty Capital (MRC) originated a $91 million first mortgage loan collateralized by The Fitzroy building, a nearly-complete, 10-story ultra-luxury condominium located at 514 West 24th Street in the West Chelsea neighborhood of Manhattan.
The borrower, a joint venture between JDS Development and Largo Investments, acquired the asset in July 2014 and began developing the property, comprised of 14 units averaging just under 3,000 square feet.
The Fitzroy, which sits adjacent to the High Line and several prominent Manhattan art galleries, has a net sellable area of 52,276 square feet and a gross building area of 65,346 square feet. The building systems are now complete and a number of units are already under contract – the finishes, elevators, common area and façade work are all that remain and the financing MRC provided, which took only three weeks to close, will pay off any existing loans and finish construction.
In addition to JDS Development and Largo Investments serving as developers for the Fitzroy, the best-in-class project team also includes executive architect Roman and Williams and engineers Severud Associates, BuroHappold, and L’Observatoire International.
Upon completion, the property will consist of 14 luxury residences with private storage units and a premier retail/gallery space. The residences will range from roughly 2,300 square feet, two-bedroom/2.5-bathroom units to 4,500 square feet, four-bedroom/five-bathroom units. The four-bedroom units include a private outdoor area with terraces as well as a roof deck for all tenants. All residences are full or half-floor homes with north and south exposures, in addition to private elevator and service entrances.
Construction of the property is expected to be completed during summer 2018. Aaron Appel from Jones Lang LaSalle represented the borrower in the transaction.
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