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Acquisitions

Lalezarian Properties acquires 507-511 Third Avenue

JPMorgan provided the debt package

Frank and Kevin Lalezarian (Credit: David Winzelberg / LIN)

Lalezarian Properties has acquired a development site at 207-211 East 34th Street and 507-511 Third Avenue from the Riese Organization for $79.5 million, according to TRD. The corner site allows for the development of 123,450 square feet.

Acquisition financing: Lalezarian secured a $45 million loan from JPMorgan to close the deal. 

Worth Noting: China Overseas Land & Investment paid Extell $75 million for an adjacent site at 499-501 Third Avenue last year. Demolition permits have been filed for the 135,000 SF project.

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