Lightstone Obtains $85M for NYC Condo Project
- Mar 27, 2017
New York—Real estate investor/developer Lightstone Group has closed on financing for 40 East End Avenue, a condominium development planned for the in Yorkville neighborhood of Manhattan’s Upper East Side. The project will be financed by an $85.3 million loan from Bank of the Ozarks.
40 East End will be a boutique condo project, comprising 29 units and 18 stories. The project will feature two-, three-, and four- bedroom residences, including duplex residences, full-floor residences with direct elevator access and a triplex penthouse with a private rooftop.
Common amenities will include a doorman, concierge, private porte-cochère and car park, double-height resident lounge, library, catering kitchen, game room, fitness center and private climate-controlled resident storage rooms. Residences at 40 East End will all have outdoor space, as well as views overlooking the East River and Manhattan skyline.
The property’s design is a collaboration between architects Deborah Berke and Gerner Kronich + Valcarcel, Architects. Berke, who was recently appointed to dean of the Yale School of Architecture, is the project’s creative director.
Lightstone Group acquired the 40 East End Ave. site in a $32.5 million all-cash deal in 2015. “It’s a bucolic community,” said Lightstone president Mitchell Hochberg. “Only a handful of new developments have been built in recent years on East End Ave.”