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Deals & Dealmakers

Carmar Development giving the original Lucky Cheng’s a makeover

The former Lucky Cheng’s drag club on First Avenue is set to become the newest location of what is already an established restaurant group in New York.

Carmar Development, LLC, is in the throes of converting the former club and restaurant into which occupied two contiguous mixed-use properties totaling 14,000 s/f at 24 First Avenue and 99-101 East Second Street in the East Village.

Uri Marrache, a principal at Carmar Development said, “As it stands, it seems like we’ll be dividing the East 2nd street property and the 1st Avenue property so I think ultimately we’ll see two retail tenants. “

Noting that talks were “very, very far along,” Marrache said, “The 1st avenue sideis going to be a restaurant.”

While he declined to identify the new tenant, Marrache said the anticipated incoming eatery will be the newest location of what is already an established restaurant group in New York. The properties create an L-shaped space and the parcels come with what Marrache estimates to approximately 12,000 ft of – air rights.

Camar just locked in an $11 million loan from G4 Capital Partners to refinance the property.

Eastern Consolidated’s Capital Advisory Division arranged the loan in under 10 days. Jonathan Aghravi, managing director in Eastern Consolidated’s capital advisory division, handled the transaction. Charles Han, Associate Director, Financial Services, served as the analyst on the deal.

Carmar originally paid $9.65 million for the Lower East Side parcel and used the same Eastern team to facilitate an acquisition loan.

“After procuring an acquisition loan for the purchase in February 2015, Eastern Consolidated once again delivered on the recapitalization a year after we acquired the property,” said Marrache

Jason Behfarin, co-founding principal of G4 Capital Partners said, “Jonathan Aghravi and his team at Eastern Consolidated were instrumental in facilitating the process and we were able to close the transaction within the allotted time frame.”

Aghravi added that G4, which has worked with Eastern Consolidated on previous assignments, “recognized the value in the property and provided a seamless closing process. Once the property is fully leased and operating, we will look to secure a long-term fixed mortgage on behalf of the sponsor.”

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