221 E 48 ST, New York
- ClearMountain Capital is planning a reposition of an ~8,200 SF value-add building in Midtown East, Manhattan consisting of 6 Class-A multifamily residential units with superior amenity spaces.
- 221 E 48 St, New York sits in the heart of Midtown East, one of the high-profile business centers in New York City. Many of the world’s most prominent corporations are headquartered in Midtown East, including JPMorgan Chase, Black Rock, MetLife, and Pfizer.
- The location also benefits from superior access to public transportation just blocks from Grand Central Terminal. Nearby attractions include prestigious flagship stores on Fifth and Madison Avenues, and easy access to the Midtown office core on Park and Lexington Avenue.
CMC team is expecting to finish the construction by early 2023. At stabilization, the project is expected to generate a 1.6x-1.8x equity multiple over a five-year investment period.