Lalezarian Properties lands $170M construction loan for Hudson Yards tower

Lalezarian Properties is moving forward with the construction of 606 West 30th Street with a $170 million loan from Wells Fargo, according to property records recorded today.

The deal for the new loan closed on November 4, 2021 and was recorded on December 1, 2021. Kevin Lalezarian, principal of Lalezarian Properties signed on the loan through entity West 30th Street LLC.

YIMBY reports that construction on the building, a 545-foot-tall residential skyscraper, recently started back up after a period of inactivity. The property has 316,939 square feet of built space according to PincusCo analysis of city data, making the loan price per built square foot $416. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.) The new building is adjacent to Douglaston Development’s tower at 601 West 29th Street.

The new loan includes a refinance of the original $38 million in acquisition and $132 million in new construction debt from Wells Fargo.

Lalezarian originally purchased the property, then an empty plot of land for $9 million in July of 2015. Plans for a 277-unit, 207,367 square-foot R-2 were filed on February 28, 2019.

Renderings released by Ismael Leyva Architects show a uniform glass facade with rectangular cutouts. Lower levels of the renderings show amenities, including restaurant space. YIMBY reports that they expect the building to be completed sometime in 2023.

Upon completion, the 42-story skyscraper will have nearly 200,000 square feet of residential space as well as an additional 14,000 of commercial space.

Within a 400-foot radius of 606 West 30th St, PincusCo identified one commercial real estate item of interest that has occurred over the past 24 months. It was a loan in which Georgetown Company borrowed $30 million from JPMorgan Chase secured by the 7,701-square-foot, two-unit industrial (E9) on 260 12th Avenue on January 8, 2020.

Lalezarian Properties did not immediately return a PincusCo request for comment.

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