A trio of investors redeveloping an historic Upper East Side townhouse into condominiums has closed $13 million in acquisition financing from Madison Realty Capital, Mortgage Observer has learned.
The landmarked home is located at 39 East 72nd Street and is reportedly in contract for $21.5 million. The Mangold family sold the five-floor asset to the group of investors who will redevelop it as floor-through condos. The trio includes three brokers at KWNYC, a residential brokerage: Ilan Bracha, Haim Binstock and Daniel Minkowitz.
“We are the mystery buyer,” Mr. Bracha confirmed to Mortgage Observer. The transaction included air rights and the triad intends to build with “very high end finishes.” He added that the development would be the “perfect fit for the neighborhood.”
Read the full story here, at Mortgage Observer.