The developers behind a 756-foot condo building in NoMad secured a $350 million construction loan this week.
New York-based developer JD Carlisle Development Group and Shanghai’s Fosun International landed the loan from Bank of the Ozarks to finance 15 East 30th Street, a 66-story luxury tower.
Located between Fifth and Madison Avenues, the narrow glass structure will include 199 units. Also known as 126 Madison Avenue, the building will have a total of 400,408 s/f, including 4,000 s/f of retail space and 291,000 s/f of residences; the rest of the building will be occupied by high-end amenities such as an indoor pool, fitness center, lounge, dining room and private party space.
Fried Frank’s real estate partners Jon Mechanic and Nathaniel Lifschtiz represented JD Carlisle and Fosun alongside associates Danielle Frank and Shelby Smith. Adam Hakim, James Murad and Andrew Iadeluca of Eastern Consolidated’s Capital Advisory Division represented the lender.
“We were very pleased to be able to secure this loan for Fosun International and JD Carlisle, which is one of the most recognizable, generational developers in New York City,” Hakim, managing director of the Eastern’s capital advisory team, said. “J.D. Carlisle’s track record of successful projects, including a new rental development a block away, made this project particularly attractive to the lender.”
Located a few blocks from the Empire State Building, 15 East 30th Street aims to make a similarly-impressive mark on the city’s skyline. JD Carlisle assembled the land and air rights from surrounding properties, including 132 Madison Avenue. Foundation work on the project is finished, and the building is slated for completion in 2021.
“It was a pleasure working on a 66-story condo project that will forever change the Manhattan skyline,” Iadeluca said. “J.D. Carlisle’s Jules Demchick and Evan Stein are top of the line developers and along with global giant Fosun are creating an iconic building in the heart of NoMad.”
Founded in 1946, J.D. Carlisle’s recent luxury residential developments in Manhattan include 160 Madison Avenue, the Beatrice, Centria, Cielo, and Morton Square.
In addition to 126-132 Madison Avenue, the Shanghai-based Fosun International owns 28 Liberty Street in Manhattan, and a real estate portfolio that spans 36 markets in 12 countries in Asia, Europe, North America, South America, and the Pacific.