NEW YORK, NY – PCCP, LLC announced today that it has issued a $45.9 million senior loan to Forkosh Development Group for financing the development of a 20-story residential condominium building located at 157-161 East 28th Street in New York, NY.
Forkosh, a privately owned real estate development firm headed by Alex Forkosh focused on developing residential units in New York City and Florida, will develop the boutique luxury building on three adjacent lots on the northwest corner of 28th Street and Third Avenue in the Kips Bay submarket of Manhattan, a uniquely desirable Manhattan location. The site offers 120 feet of frontage on 28th Street and 25 feet of frontage on Third Avenue. At completion, the condominium project will offer units with open layouts, 9’ ceilings, floor-to-ceiling windows, and hardwood floors.
“Alex Forkosh is a highly successful developer in the New York market. This construction loan is an opportunity for PCCP to originate financing to a strong sponsor on a well-conceived project in a desirable residential location of Manhattan,” said John Randall, partner with PCCP. “This boutique-style luxury condo building will be very competitive with the existing condo supply in the surrounding submarkets.”
The location is close to many amenities, including popular bars and nightlife, restaurants, and public transportation. It is within walking distance to both the tech-oriented Midtown South office corridor and the Grand Central district, and is adjacent to the NoMad and Flatiron neighborhoods, both of which have numerous high-end condo projects, as well as Gramercy Park, which has historically been one of the most desirable residential areas of Manhattan. The project also benefits from its proximity to several upscale hotels in Nomad.
Kips Bay is also the medical hub of New York City, and the home to NYU Medical Center, The Rusk Institute, Bellevue Hospital, Beth Israel Medical Center, The VA Medical Center, Cabrini Medical Center, New York Eye & Ear Infirmary, the Hospital for Joint Diseases and the Chief Medical Examiner’s Office.
About PCCP, LLC: PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully committed over $16 billion of capital since inception through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com