JONES-L.E.S.

Property: Ground up development of 78-unit, 13-story luxury apartment complex in Lower East Side of Manhattan

Project Capitalization: $40 Million

Client: Ladrillo Fund LLC, an alternative investment fund managed by Vitreous Partners LLC

Assignment: Engaged by Vitreous Partners LLC to evaluate strategic alternatives and execute the optimal disposition of Ladrillio Fund LLC’s interest in the property to meet fund liquidity and tax requirements. Construction had commenced at time of assignment.

Results: 

  • Executed upon recommended disposition strategy to maximize net proceeds for Client: Procured local buyer and negotiated contracts with current Sponsor, Buyer and Seller to close within 14-day contract period
  • Valued interest in development property in early construction
  • Evaluated and conducted scenario analyses of potential disposition strategies