The Real Deal New York

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
By Christian Bautista | October 30, 2018 01:35PM

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.