Kriss Capital provides $185M loan for new Midtown East luxury condominium

NEW YORK, April 3, 2024 – JLL Capital Markets announced today it has arranged $185 million in financing for the Monogram, a 191-unit luxury condominium development at 135 East 47th St. in Manhattan’s Midtown East neighborhood.

JLL represented the borrower, Navigation Capital Partners, an affiliate of a large Asian real estate company. The condo inventory loan was secured through Kriss Capital, a New York-based private real estate lender, allowing Navigation to retire existing debt as it begins sales.

Located on 47th Street between Lexington and 3rd Avenues, Monogram is a 35-story property that includes 191 luxury condominium units, 9,200 square feet of amenities, 5,300 square feet of resident and bicycle storage and 2,435 square feet of ground floor retail. The unit mix includes studios, one- and two-bedrooms and four penthouses. A suite of luxury amenities will include 24/7 concierge services, a secluded wellness center with in-house spa services, a spacious lobby and library lounge and a punch bar. The property will also feature 3,500 square feet of rooftop space for lounging and entertaining, including a catering kitchen and private dining room, all enveloped by sweeping skyline views.

Monogram is arriving on the Midtown East market at a time when no new apartment deliveries are projected for at least the next three years. JP Morgan’s new world headquarters is being developed within 300 feet of the tower’s front door and it is within walking distance of the most Fortune 500 companies in one location in the country.

The neighborhood also sits at the center of some of New York City’s most recognizable landmarks, including Grand Central Station, the Chrysler Building, the United Nations, the Seagram’s Building and Midtown Manhattan’s extensive entertainment and dining offerings.

Senior Managing Director Scott Aiese, who led the JLL Capital Markets Debt Advisory team, said, “Monogram’s luxury finishes, efficient unit mix and convenient location are perfect for today’s condominium unit buyer. The sponsors are well capitalized, experienced developers whose offering attracted a strong field of lenders excited by the tremendous opportunity of this exceptional property in a supply constrained sub-market.”

Aiese added, “With record amounts of dry powder in the private real estate debt markets, new entrants continue to provide liquidity with highly accretive yields and creative structures.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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