PCCP Provides $66M Loan for Manhattan Project
- Feb 06, 2017
New York–Real estate finance and investment management firm PCCP LLC has provided a $66 million senior loan to Coral Realty to recapitalize and lease up Theater House, a newly developed 25-story tower in Midtown Manhattan. The 105-unit Class A glass tower, at 237 East 34th Street in Midtown’s Kips Bay submarket, offers nearly 7,500 square feet of commercial space.
Delivering a blend of studio and one- and two-bedroom apartments, Theater House features a double-height lobby, 7,000 square feet of indoor and outdoor communal space and a 24-7 fitness center and doorman. Residences offer floor-to-ceiling windows and hardwood floors. Generously-sized outdoor balconies are part of 99 of the 105 units, and many units feature two balconies. All east-facing apartments deliver unobstructed East River perspectives.
“The deal was relatively straightforward because we had familiarity with the project and the sponsor,” PCCP senior vice president and managing director John W. Randall told MHN.
“The most challenging aspect was that the property is still finishing construction. We really understood what it took to get to completion and made sure we adequately structured [and] capitalized for that.”
Granite or quartzite countertops, solid-wood cabinets, advanced electric cook-top technology, stainless steel appliances and spa-style bathrooms with heated floors and Carrara marble counters are among features and finishes distinguishing the apartment homes.
With a central location between Second and Third Avenues on East 34th Street, Theater House grants residents quick and convenient access to the six-line subway stop at 33rd Street and Lexington Avenue, as well as access to crosstown bus service.
Manhattan’s medical corridor stretches east of Theater House. NYU Medical Center, Bellevue Hospital and Beth Israel Medical Center are among the many acclaimed medical centers and medical office buildings situated along this corridor. Ethnic eateries, crowd-pleasing bars and nightlife and public transportation make the area a popular one with busy professionals.
Coral Realty is a privately-owned real estate investment firm with an emphasis on developing residential units in New York City and Florida. Over the past nearly quarter century, Coral Realty founder and main principal Alex Forkosh has shepherded the development of nearly 1,400 residential units. Coral Realty has brought eight Manhattan residential construction projects to fruition, five of them having been leased to NYU upon completion.
The property is 99 percent complete. First move-ins are expected next month.