Navigation Capital Group signs $90M condo inventory loan in Midtown East

Navigation Capital Group through the entity Lex 47th Property Owner LLC as borrower signed a refi loan with lender East West Bank valued at $90 million for 111 of a total of 191 residential condo units at 135 East 47th Street in Midtown East, Manhattan.
The deal closed on November 25, 2025 and was recorded on December 15, 2025. The prior lender was Kriss Capital which held debt that had an original loan amount of $185 million.
The signatory for Navigation Capital Group was Patrick Zhu . The signatory for East West Bank was Yvonne Chen .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 135 East 47th Street.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by LEX 47TH PROPERTY OWNER LLC to create 191 residential units and 1 commercial units in a building at 131-141 East 47th Street in Midtown East, Manhattan, called 135 East 47th Street Condominium A/K/A Monogram Et Al. that has a $317.3 million sellout, according to an September 23, 2021 submission to the New York State Attorney General. The principals of the sponsor, LEX 47TH PROPERTY OWNER LLC, were F. Scott Shea and Chaolun Zhu.

The block

On the tax block of 135 East 47th Street, PincusCo has identified the owners of seven of the 12 commercial properties representing 992,985 square feet of the 1,053,867 square feet. The largest owner is Island Capital Group, followed by Madison Realty Capital and then AEW Capital Management.
On the tax block, there was one new building construction project filed totaling 151,836 square feet. It is a 137-unit, 151,836 square-foot residential (R-2) building submitted by New Empire Corp. and filed by Bentley Zhao with plans filed March 28, 2016 and permitted August 12, 2021.

The majority, or 54 percent of the 1.1 million square feet of built space are hotel buildings, with elevator buildings next occupying 44 percent of the space.

The borrower

The PincusCo database currently indicates that Navigation Capital Group owned at least one commercial property with 191 residential units in New York City with 0.0 square feet and a city-determined market value of $14.2 million. (Market value is typically about 50% of actual value.) The portfolio has $185 million in debt, borrowed from Kriss Capital. The portfolio consists of at least a single elevator property.

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