Lalezarian Properties borrows $155M from JPMorgan Chase for multifamily property in Hudson Yards

Kevin Lalezarian’s Lalezarian Properties through the entity Hudson 36 LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $155 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 251 residential units at 515 West 36th Street in Hudson Yards. The deal closed on March 3, 2020 and was recorded on March 20, 2020.
The property contains a total of 318,292 square feet of built space.
The average loan per unit is $617,530.
This is a take-out loan for the new building, which was completed last summer.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 251 residential units on August 21, 2019.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 244,767 square feet. Those plans include a total of 250 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link