Colliers has arranged $50.2 million of construction financing and $17.3 million of limited-partner equity for the redevelopment of 152 W. 36th St. in Midtown Manhattan. The developer, a joint venture between Flatiron Equities and Mequity Companies, will convert the eight-story office building into a 16-story self-storage facility. The new development will be operated by Manhattan Mini Storage.
The Colliers team was led by Dylan Kane, Zach Redding, Peter Nicoletti and Jared King of the New York Capital Markets group. The debt was provided by Elsee Partners and the equity was provided by a family office.
The Colliers team also represented the seller, Falcon Properties, brokering the $23.8 million sale of the property and advising on the transfer of development rights from the neighboring lot. The sale was a co-listing with Alex Woodlief of B6 Real Estate Advisors.
Mequity Companies recently executed a similar conversion project in Manhattan, redeveloping a former parking garage at 41-47 E. 21st St. into a self-storage facility which opened in the fourth quarter of 2023.
