Lightstone Closes $85.3 Million Loan for Exclusive Upper East Side Development
March 23, 2017 | Lightstone
NEW YORK, March 23, 2017 /PRNewswire/—The national real estate investor/developer, Lightstone, announced today the closing of financing for 40 East End Avenue, a 100,000 square foot condominium planned for Manhattan’s Upper East Side. The development, located on the exclusive and highly desirable East End Avenue, will be financed by an $85.3 million loan from Bank of the Ozarks.
40 East End will be a true boutique condominium, composed of 29 unique homes spread across 18 stories. The project will feature two, three, and four bedroom residences, including a beautiful maisonette with rear courtyard, duplex residences, full floor residences with direct elevator access, and a triplex penthouse with full private rooftop. Residences at 40 East End will all have outdoor space, as well as spectacular views overlooking the East River and Manhattan skyline.
40 East End will also offer an array of amenities and building services, including a full-time doorman, concierge, private porte-cochère and car park, double-height resident lounge, library, catering kitchen, game room, state-of-the-art fitness center, and private climate-controlled tenant storage rooms.
“There’s nowhere in Manhattan like the tranquil enclave of East End Avenue,” said Lightstone President Mitchell Hochberg. “It’s a bucolic community, tucked away in the most exclusive part of Manhattan. Only a handful of new developments have been built in recent years on East End Avenue, and we’re thrilled to be working on this one-of-a-kind project in this remarkable location.”
40 East End is located in close proximity to a wide array of neighborhood amenities including Carl Schurz Park, just two-and-a-half blocks away, as well as top educational and cultural institutions, such as nearby Gracie Mansion.
The property is an architectural collaboration between world-renowned and award-winning architects Deborah Berke and Gerner Kronich + Valcarcel, Architects. Berke, who was recently appointed to a prestigious position as Dean of the Yale School of Architecture, is the project’s creative director. Berke’s firm has been recognized for its innovative work in creating strong and elegant public and private spaces, with a specialty in luxury condominiums and chic urban hotels.
Lightstone, founded by David Lichtenstein, is one of the most highly-regarded and diversified private real estate companies in the United States. Operating in all sectors of the real estate market, Lightstone’s $2.0 billion portfolio (in 26 states) currently includes over 6 million square feet of office, retail and industrial commercial properties, 10,000 residential units and 3,843 hotel keys. It also owns over 12,000 land lots across the country. Headquartered in New York City, Lightstone continues to grow its local presence with $2.5 billion worth of projects currently under development in the residential and hospitality sectors.
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