Progress Capital Arranges Financing for Manhattan Penthouse
John Libretti of Progress Capital secured $16,234,000 in acquisition financing for the purchase of a full-floor penthouse in a new boutique condo building on Manhattan’s Upper East Side.
John worked with City National Bank of New York to structure the loan with the best terms available, including an attractive interest rate, fixed for 7-years, based on a 30-year amortization and closed in just 2 WEEKS..
109 East 79th Street is a 20-story, 31-unit residential building built in 2022, meticulously designed by Steven Harris Architects featuring high-end finishes and elegant details throughout. The acquired PH offers five bedrooms with full en suite bathrooms, a formal dining room and a library.
The residence offers a series of luxurious amenities including a double-height lobby, an outdoor garden, a concierge and a full-time doorman. Additionally, designated amenity spaces include an Athletic & Wellness area equipped with a fitness center, international squash court and sports court, a movement studio including Pilates and Gyrotonic equipment and a spa with treatment room, sauna, steam room and hair salon. A 15-seat screening room, a game room and golf simulator are provided within the Leisure & Entertainment area.
190 East 79th Street lies at the heart of the Upper East Side, just off of Park Avenue, offering the city’s finest hotels and cultural institutions within easy reach. A two-block walk brings you to the steps of The Metropolitan Museum of Art and the Guggenheim Museum. Madison Avenue, just a block away, offers an unparalleled selection of retailers and fashion houses suitable for the most astute tastemakers. Quintessentially New York, the Upper East Side has been the neighborhood of choice for the city’s most discerning connoisseurs for over a century.
As a leading commercial mortgage broker in New Jersey, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. We can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process.