JP Morgan provided the debt
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.