Arrow Real Estate Advisors has successfully arranged $73 million in construction financing for the development of a new luxury condominium tower at 171 East 86th Street on Manhattan’s Upper East Side. The financing was provided by Madison Realty Capital and will support the ground-up construction of the 18-story residential project.
The deal was negotiated by Morris Betesh, founder and managing partner of Arrow Real Estate Advisors, alongside Senior Vice President Omar Ferreira and Associate Jacob Petrovic, on behalf of the project’s sponsor, Z.D. Jasper Realty.
Betesh highlighted the significance of the financing, stating, “This was an important financing given the scale and timing of the project, and Madison Realty Capital quickly recognized both the strength of ZD Jasper’s track record and the exceptional positioning of 171 E. 86th Street.”
He added, “The Upper East Side is one of the most attractive neighborhoods in Manhattan and all of New York City, which made the opportunity especially appealing. By aligning the right capital partner with a thoughtful structure, we delivered a financing solution that supports the sponsor through construction and positions the project for a successful sellout.”
The project enhances the growing appeal of Manhattan’s Upper East Side, continuing the trend of luxury development in one of New York City’s most sought-after neighborhoods.
