‘Million Dollar Listing’ condo developers secure $26M construction loan

By Guelda Voien | June 29, 2012 10:30AM

The developers of a Madison Square Park building — slated to be featured on the television series “Million Dollar Listing,” according to reports — have received a $26 million construction loan to proceed with their plans to convert the building to condominiums, The Real Deal has learned.

Developer David Mitchell, of Mitchell Holdings, secured the loan from Joseph Merrill Capital, a New York-based real estate investment banking firm. Mitchell bought the building, located at 21 East 26th Street at the park’s north end, for $13.2 million last year from the plumbers’ union, according to city records.The 28,000-square -foot building will become three full-floor condos and one duplex penthouse upon completion. Bravo representatives were not immediately available for comment.

Construction began at the building, also sometimes called the Whitman building, last year, a source said. The developers anticipate construction will be finished in December.

“This loan provided additional loan proceeds to allow the developer to build out the units with high-end luxury finishes designed by Kelly Hoppen, a well-known European designer,” Robert Ames, a principal with Joseph Merrill, told The Real Deal.

A 6,100-foot ground-floor commercial space will also be available.

While the neighborhood is bursting with amenities, like Mario Batali’s Eataly and the ever-popular Eleven Madison Park, other condo projects there have fallen into trouble. One Madison Park expects to relaunch sales late this year after much legal drama; 241 Fifth Avenue was foreclosed on last year, according to published reports.