Rotem Rosen and his development partners just gave their condo project near Billionaires’ Row with a shot of adrenaline.
Rosen, Indian billionaire Anand Mahindra and Israeli developer Zahi Hagag landed a $170 million construction loan from Bank OZK for their development at 126 East 57th Street, The Real Deal has learned.
Construction is underway on the 180,000-square-foot project designed by ODA New York. It is expected to be completed in 2025.
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Commercial
New York
Rotem Rosen-led partnership buying development site off Billionaires' Row
Development
New York
Rotem Rosen faces holdout on Billionaires' Row
Rosen and his partners paid a little more than $100 million in 2019 to buy the development site, an assemblage of 13 parcels at the southeast corner of East 56th Street and Lexington Avenue. The 28-story building will have an entrance from East 57th Street.
The project hasn’t been all smooth sailing, though.
Rosen ran into difficulties getting access to his neighbor’s property in order to do the pre-construction survey required by the city to document the condition of adjacent buildings. Rosen took his neighbor to court to get access for the survey, and also needed access to install netting and other protections to keep the area safe during construction.
The project broke ground in July.