Emerald Creek Capital Lends $52M on Midtown East Condo Project
By Andrew Coen August 13, 2024 2:11 pm
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A joint venture between Rybak Development and BK Developers has sealed $52 million of construction financing to build a condominium tower in Manhattan’s Midtown East neighborhood, Commercial Observer has learned.
Emerald Creek Capital supplied the loan on the sponsorship’s planned 21-story development at 133 East 55th Street. The project currently stands at 12 stories high and is scheduled for completion in late 2025, according to JLL (JLL), which brokered the deal.
The brokerage’s capital markets team, led by Robert Tonnessen and Aaron Niedermayer, negotiated the debt.
“133 East 55th St. will be ideally positioned to capture demand from high-income individuals seeking luxury living steps from their work in Midtown,” Niedermayer said in a statement.
The project, which is designed by Zproekt Architecture, will consist of 31 condos along with 2,460 feet of ground-floor retail space. Amenities will include a spa, sauna, steam room, pool and fitness center.
Rybak Development and BK Developers are working with Douglas Elliman as a sales agent for the project with sales slated to commence in September 2025, according to JLL.
“From design to critical path, the development team has been incredibly thoughtful,” Jeff Seidler, managing director at Emerald Creek, said in a statement.
Officials at Rybak Development and BK Developers did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
