Alvaro Bolivar
(Al Bolivar)
Chief Financial Officer
Masterworks Development
(Masterworks)
4 Bryant Park, Suite 502 New York, NY 10018
Masterworks Development NYC portfolio
$263.5 million -hotel 62%, condo 37%; Manhattan 100%*
798th largest portfolio by dollar value
345,858 sqft – hotel 69%, condo 30%; Manhattan 100%
1111th largest by SF
3 properties – Manhattan 100%
2719th largest
Person Activity past 24 months:
Borrower signatory: 2 for $150 million
Top Ten Associated Companies:
Bank of China (2), AllianceBernstein (1), Carval Investors (1)
Top Ten Associated People:
Raymond Qiao (2), Marguerite Brogan (1)
Recent activity as signatory:
• Masterworks Development borrowed $75 million from Bank of China for 451 Lexington Avenue, Grand Central, Manhattan on June 09, 2026.
• Masterworks Development borrowed $75 million from Bank of China for 19 Albany Street on February 14, 2025.
• Masterworks Development borrowed $60 million from AllianceBernstein for 451 Lexington Avenue, Grand Central, Manhattan on May 07, 2024.
• Masterworks Development borrowed $50 million from Carval Investors for 451 Lexington Avenue, Grand Central, Manhattan on May 21, 2021.