Manhattan, NY JLL Capital Markets experts have completed a $66.7 million loan to finance the construction of 141 East Houston St., a class A, 63,000 s/f office building. The group worked on behalf of East End Capital and K Property Group LLC to place the loan with CapitalSource, a division of Pacific Western Bank, and Canyon Partners Real Estate LLC.
Aaron Appel, Jonathan Schwartz, Michael Diaz, and Patrick Cotter oversaw the debt financing on behalf of the developer.
“There are very few opportunities available in Manhattan for small to midsize tenants to lease space in a newly constructed, highly designed, class A office building,” said Schwartz.
“141 East Houston St. will offer smaller boutique and creative tenants the rare opportunity to occupy an entire floor with direct elevator access, amazing ceiling heights, and floor-to-ceiling glass, all designed by the renowned Roger Ferris and partners,” said Appel.
The nine-story building is comprised of seven individual office floors ranging from 5,000 to 7,000 s/f each, a 3,300 s/f retail store at grade level featuring 60 feet of frontage, and two further below grade retail levels of approximately 4,000 s/f each. Each floor of the project features wide and mostly column-free floor plans that will allow potential tenants the ability to lay out their space with maximum efficiency.
The boutique office building is located at the convergence of three of Manhattan’s fastest growing neighborhoods: SoHo, the East Village and the Lower East Side. The site is proximate to many of Lower Manhattan’s premier attractions, including SoHo retail, The New Museum of Contemporary Art, roughly 100 art galleries, New York University, Cooper Union, an abundance of popular restaurants and lounges, and Essex Crossing, a massive mixed-use development located just three blocks from the site.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2018 alone, the firm’s 2,400 Capital Markets specialists completed $179 billion in investment sale and debt and equity transactions globally.
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