The developers of 141 East Houston—a nine-story, 63,000-square-foot Class A boutique office and retail building in downtown Manhattan—have received a $66.7 million construction loan from Capital Source, a division of Pacific Western Bank, and Canyon Partners Real Estate.
JLL Capital Markets experts Aaron Appel, Jonathan Schwartz, Michael Diaz and Patrick Cotter secured the debt financing on behalf of the developers, East End Capital and K Property Group.
The building, located at the convergence of SoHo, the East Village and Lower East Side at 141 E. Houston St., will feature seven office floors ranging from 5,000 to 7,000 square feet. It will also have a 3,300-square-foot retail store on the ground level with 60 feet of frontage, and two below-grade levels of retail with 4,000 square feet each. Each floor features wide and mostly column-free floor plans that will give tenants flexibility with layouts.
“There are very few opportunities available in Manhattan for small to midsize tenants to lease space in a newly constructed, highly designed, Class A office building,” Schwartz said in a prepared statement. “(The property) will offer smaller boutique and creative tenants the rare opportunity to occupy an entire floor with direct elevator access, amazing ceiling heights and floor-to-ceiling glass, all designed by the renowned Roger Ferris and Partners,” Appel added.
PAST TEAM EFFORTS
In July 2017, a JLL Capital Markets team led by Appel, Schwartz and Diaz also helped East End Capital and K Property Group acquire the historic Sunshine Theater at 131 E. Houston St. in Manhattan for $31.5 million. The developers planned to turn the 29,200-square-foot building into a mixed-use asset with office space on the second floor and retail on two other floors.
More recently, in January, another JLL Capital Markets team assisted East End Capital and a private family office in securing a $95 million loan through LoanCore Capital for the acquisition and repositioning of three Manhattan office properties.