Hong Kong-based Hopson Development Holdings borrows $50M from Emerald Creek Capital for development site in Grand Central

Hong Kong-based Hopson Development Holdings through the entity Lex 47th Property Owner LLC as borrower signed a loan agreement with lender Emerald Creek Capital through the entity ECC 47th Street LLC valued at $50.0 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 131 East 47th Street in Grand Central. The deal closed on December 12, 2019 and was recorded on December 19, 2019.

The last time the property sold was June 2, 2015, for $42,874,315.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $300,000.There has been one new building permit application totaling 151,836 square feet. Those plans include a total of 137 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link