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Acquisitions

Ui Kun Lee buys 147-149 West 46th Street

JP Morgan provided the debt

Property at 147-149 West 46th Street (Credit: Google Maps/TRD)

Ui Kun Lee has acquired 147-149 West 46th Street from Terra Nova Properties for $22.5 million. The two adjacent retail properties span a total of 17,217 square feet, and benefit from 40,810 square feet in development rights. Lee secured a $10 million loan from JP Morgan Chase to close the deal.

Worth Noting: TGI Fridays signed a 10,872 SF lease in 2013 for the bottom two floors. Other tenants include Michiko Rehearsal Studio and Roberto’s Winds, according to TRD.

Flashback: Terra Nova paid $18 million for the property in 2010.

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