Colliers has successfully secured $50.2 million in construction financing and $17.3 million in limited-partner equity for the redevelopment of 152 W. 36th St., located in Midtown Manhattan. The project, a joint venture between Flatiron Equities and Mequity Companies, will involve converting the existing eight-story office building into a modern 16-story self-storage facility to be operated by Manhattan Mini Storage.
The New York Capital Markets group at Colliers, led by Dylan Kane, Zach Redding, Peter Nicoletti and Jared King, facilitated this transaction with Elsee Partners providing the debt financing and a family office contributing the equity investment.
In addition to arranging funding for this project, Colliers also represented Falcon Properties as they sold their property for $23.8 million while advising on transferring development rights from an adjacent lot. This sale was co-listed with Alex Woodlief of B6 Real Estate Advisors.
Mequity Companies has recently completed another successful conversion project in Manhattan – transforming a former parking garage at 41-47 E.21st St into a state-of-the-art self-storage facility which opened its doors during Q4 of 2023.
