MRR Capital and partner Zahi Hagag have closed on a $170M construction loan for a 28-story residential tower that will rise at 126 East 57th Street, the Manhattan neighborhood known as Billionaire's Row.
Bank OZK is providing the construction loan for the 180K SF condo tower. Construction is underway and expected to be completed in 2025.
MRR and Hagag, an Isreali billionaire, paid $103M in 2019 for a collection of 13 parcels at the southeast corner of E. 56th St. and Lexington Ave. The seller was Kiska Development, a Turkish development firm.
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