Entity tied to Korean investor buys Times Square property for $23M

The property, at 147-149 West 46th Street, is home to a TGI Fridays

TRD New York /
Oct.October 30, 2018 01:35 PM

147-149 West 46th Street (Credit: Google Maps)

The Montague-Lee Limited Partnership, an entity controlled by Korean investor Ui Kun Lee, bought the building that houses the Times Square location of TGI Fridays for $22.5 million, according to records filed with the city on Tuesday.

The property, with the address of 147-149 West 46th Street, consists of two adjacent four-story buildings, according to city data. TGI Fridays moved into the property in 2013 after signing a 10,900-square-foot lease to occupy the bottom two floors. Other tenants in the property include Michiko Rehearsal Studio and musical instrument retailer Roberto’s Winds.

The seller is Lake Placid, New York-based Terra Nova Properties. The firm acquired the building for $18 million in 2010, records show. The firm did not respond to requests for comment.

Montague-Lee is funding the Times Square purchase with a $10 million loan from JPMorgan Chase. Meridian Capital Group’s Brian Flax and Blake Orman negotiated the seven-year non-recourse loan which carries a rate below 4.5 percent.

Montague-Lee appears to have no other property holdings in New York City. It sold 96-18 43rd Avenue to the city’s School Construction Authority for $11.2 million in 2012. That site is now the location of Astoria school P.S. 110.

Lee currently owns a stake at the former Chase Manhattan building at 39-15 Main Street in Flushing, though he may not be the majority owner.


Related Articles

arrow_forward_ios
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...