DEVELOPER LANDS $113M FOR NYC TOWER

This Upper East Side project is on track for completion in 2025.

EJS Group has secured a $112.5 million construction loan from Bank OZK to continue development of 200 E. 75th St., an 18-story mixed-use property on Manhattan’s Upper East that will have 36 luxury condominiums and ground-floor retail.

Construction on the 97,569-square-foot, 214-foot tall development, located in the Lenox Hill neighborhood on the corner at Third Avenue, recently topped out. According to EJS, the property is expected to open in 2025.

Details about the loan were not disclosed by EJS Group, a New York-based real estate development company. The firm previously received financing from Bank OZK for another Upper East Side boutique project, 150 E. 78th St. EJS Group partnered with Midwood Investment & Development to construct the 16-story, ground-up development that has 25 luxury condos. Sales began in January 2021 for 150 E.78th St., which has since sold all the residences.

A rendering of 150 E. 78th St., another EJS property that has sold all of its condominium residences. Image by Hayes Davidson

Property Details

EJS Group acquired 1303-1309 Third Ave., a section of the block that contained several low-rise apartment buildings, a market and restaurants, in March 2021 for $32.3 million, according to Patch.com. The development firm also purchased 202 E. 75th St. and made plans to demolish the buildings later that year, Patch.com reported.

Beyer Blinder Belle is the architect of the 200 East 75th Street development. Amenities will include a rooftop terrace, lounge, dining room, yoga and fitness center, spa/therapy room, library, children’s playroom and bike room. Floors two through nine will each have three units with two units each on floors 10 to 14 and single units on floors 15 through 18, according to New York YIMBY.

Residents will be within walking distance of restaurants, upscale boutiques and world-famous cultural institutions including The Metropolitan Museum of Art and the Guggenheim Museum. The nearest subways are the 6 train at the 77th Street station to the northwest along Lexington Avenue and the Q train at the 72nd Street station to the south along Second Avenue.

Bank OZK, Beyer Blinder Belle, EJS Group