JPMorgan provided the debt package
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.