NYC Developer Obtains $46M Loan to Build Kips Bay Condos

Forkosh Development Group's newest project is a 20-story residential building in the Manhattan neighborhood. The site, formerly three small apartment buildings, was purchased earlier this year for $17 million.
Rendering of 157-161 E. 28th St., Manhattan

Forkosh Development Group has obtained a $45.9 million senior loan to finance the development of a 20-story residential condominium building at 157-161 E. 28th St. in Manhattan. The building will be on three adjacent lots on the northwest corner of 28th Street and Third Avenue, in the Kips Bay submarket of the borough. 

The locally based Forkosh, a privately owned real estate firm headed by Alex Forkosh, specialized in residential development in New York City and Florida. Early this year, the firm acquired the three small apartment buildings at 157-161 E. 28th St., which were vacant, for $17 million.

The site offers 120 feet of frontage on 28th Street and 25 feet of frontage on Third Avenue. At completion, the condominium project will offer units with open layouts, nine-foot ceilings, floor-to-ceiling windows and hardwood floors.

Forkosh’s latest development in the area

The project will be Forkosh’s second development in Kips Bay. Previously, the company produced Theater House, a 108-unit rental building at 237 E. 34th St., between Second and Third Avenue. That project was completed in 2015 and recently sold to the Gilar Group for $110 million. 

PCCP LLC facilitated the loan for the new development. The firm currently has more than $6.5 billion in assets under management on behalf of institutional investors. In March, PCCP LLC facilitated a $24.1 million senior loan to The Calida Group for the acquisition and renovation of Hampton Garden, an apartment community in the Las Vegas submarket of Summerlin-Spring Valley, Nev.

Image courtesy of Forkosh Development Group