Lalezarian Properties signs $120M construction loan for development in Murray Hill

Lalezarian Properties through the entity Third And Thirty Four LLC as borrower signed a new construction loan with lender JPMorgan Chase valued at $120 million for the development site (V1) at 511 Third Avenue in Murray Hill, Manhattan.
Lalezarian filed plans for a 229-unit, 166,917 square-foot residential (R-2) building on June 27, 2019. The project obtained its first permits in May 2020.
The deal closed on October 28, 2021 and was recorded on December 2, 2021.
The loan price per built square foot is $718 per the PincusCo analysis. (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 owner bought the property on November 29, 2018, for $56.5 million.
The signatory for Lalezarian Properties was Kevin Lalezarian.

The owners according to the Department of Housing Preservation and Development includes Majid Kahen, head officer and Kevin Lalezarian, officer. The business entities are Third And Thirty Four Llc and Third And Thirty Four Llc.

Within a 400-foot radius of 511 Third Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit issued on June 11, 2020 for a 134,908-square-foot R-2 building with 144 residential units at 200 East 34th Street.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 13, 2020 for the $1.1 million renovation of 5,445-square-foot R-2 building with nine residential units at 214 East 35th Street.
Of those nine items, seven were loans above $5 million totaling $93.6 million. The most recent of the seven was Slate Property Group which borrowed $14.4 million from Dime Community Bank secured by the 22,718-square-foot, 31-unit rental (C7) on 489 3rd Avenue on March 15, 2021.

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