139–141 East 45th Street · Midtown East · New York

Forty-Five
East

Fifty-two luxury residences rising one block from Grand Central Terminal — in the heart of Turtle Bay.

52Residences
16Stories
50,910Gross SF
1 Blockto Grand Central
$48.0M
Total Project Cost
60 / 40
LP / GP Split
7%
LP Preferred Return
2.00x
LP Equity Multiple · Base
$500K
Per Investment Unit
The Opportunity

A ground-up condominium on one of Midtown's most strategically positioned blocks — one block from Grand Central, two from the United Nations — delivering fifty-two residences into a return-to-office market with deep, durable demand from working professionals, international buyers, and pied-à-terre investors.

1 block · Grand Central (4/5/6/7/S)
Self-perform GC · cost & schedule certainty
$2,273 · Turtle Bay new-dev PPSF (Q3 ’24)
RTO wave · JPMorgan · One Vanderbilt · Salesforce
Two exit paths · condo sell-out or rental hold
Location · Turtle Bay / Midtown East

The site sits on the south side of East 45th Street between Lexington and Third Avenues — a quieter, tree-lined residential pocket that trades on the transit and employment density of the Grand Central corridor while keeping a step back from the commercial bustle to the west.

$2,273
New-dev PPSF · Q3 2024
+5%
PPSF growth YoY
$1.89M
Avg new-dev price
JPMorgan · 270 Park
One Vanderbilt
425 Park
Salesforce Tower
Citigroup · Bloomberg · UN
Park Lex 3rd 2nd E46 E45 E44 GRAND CENTRAL SITE UN HQ One Vanderbilt
Grand Central 1 block west · UN 2 blocks east
The Building · Program & Residences

Massing

16 stories above grade, plus ground-floor retail and an amenity basement. Limestone & glass façade.

Zoning

C5-2.5 · Special Midtown District. 50,910 GSF program, 4,217 SF lot, 42 ft of frontage.

Residences

52 condominiums — 46 one-bedrooms and 6 three-bedrooms — averaging 687 net SF.

Amenities

Attended lobby, fitness center, podcast studio, resident lounge & rooftop garden with outdoor kitchen.

TypeUnitsAvg SF Avg PriceTotal Revenue*
One Bedroom46~645$1,290,000$59,340,000
Three Bedroom6~982$1,963,680$11,782,080
Ground-Floor Retail—4,500$1,600 / SF$7,200,000
Total / Avg52687$2,000 PPSF$78,322,080
*Gross revenue at the $2,000 PSF base case. Net residential sellable area 35,710 SF; total net sellable 40,210 SF. See returns below for the full sensitivity band.
Design Renderings
Front elevation
Front Elevation — 139–141 East 45th Street
Streetscape
Streetscape — Limestone & Glass Façade
Kitchen
Open Kitchen & Living
Bedroom
Primary Bedroom
Bathroom
Bathroom
Lobby
Attended Lobby & Lounge
Fitness center
Fitness Center
Podcast studio
Podcast Studio
Rooftop garden
Rooftop Garden & Outdoor Kitchen
Investment Returns · Two Business Plans

The site supports two distinct strategies. Toggle between a near-term condominium sell-out and a long-hold rental. All figures shown to the limited partner at a 60% LP / 40% GP split above a 7% preferred return.

2.00x
LP Equity Multiple
Base case · $2,000 PSF
~32%
LP IRR
30-mo basis · ~20% on 4-yr sell-out
$25.9M
Gross Profit
on $48.0M total cost
$16.0M
LP Equity Raise
32 units · $500K each

Capital Stack

Senior Loan · $32.0M · 66.7%
LP Equity · $16.0M
Land Acquisition$13.96M29.1%
Hard Costs (incl. contingency)$23.72M49.4%
Soft Costs$10.31M21.5%
Total Project Cost$48.00M100%

Sensitivity — LP Return by Sales Price

PPSFNet RevenueLP MultipleLP IRR*
$1,800$67.2M1.75x25.0%
$2,000 · base$73.9M2.00x31.9%
$2,200$80.6M2.25x38.3%
$2,400$87.3M2.50x44.3%
*IRR on a 30-month bullet basis. A realistic build-plus-sell-out timeline (~3.75–4.0 yr) lowers the base-case IRR to roughly 19–20% while preserving the ~2.0x multiple.
3.80x
LP Equity Multiple
10-year hold
~28%
LP IRR
levered, incl. two refis
8.5%
Yield on Cost
stabilized NOI $4.5M
$18.0M
LP Equity Raise
~99 rental residences

Capital Stack

Senior Loan · $35.0M · 66%
LP Equity · $18.0M
Stabilized NOI$4.50M
Value @ 5.0% cap (Yr 1 → Yr 10)$90M → $114M
Stabilized DSCR~1.8x
Net sale proceeds @ exit$56.5M
GP Distribution (10 yr)$31.9M

Strategy — Build · Stabilize · Refi · Hold

Yr 0–2
Construct & lease-up to stabilization
Yr 2
Refinance — $16.5M cash-out to equity
Yr 8
Second refi — $13.8M cash-out
Yr 10
Sale @ 5% cap · $56.5M net to equity
The rental plan maximizes density — roughly 99 compact, full-market residences in place of 52 for-sale condominiums — and returns the bulk of LP capital tax-efficiently through two refinancings before the Year-10 sale. A longer hold and a lower current yield than the condo exit, with a materially higher total multiple.
Investment Terms

Structure

LP / GP joint venture. Limited partners fund 100% of the common equity through the investment entity.

Profit Split

60 / 40
60% LP · 40% GP of all proceeds above the preferred return.

Preferred Return

7% per annum, accruing on unreturned LP capital, paid before the promote.

Commitment

$500,000 per unit. $16.0M raise (condo) or $18.0M (rental). Illiquid; suitable for qualified investors only.

Confidential Offering

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Zoning analysis, GC budget, lender term sheet, and the complete pro formas are available to qualified investors on request.

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This material is for limited circulation to sophisticated, qualified investors only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Information has been compiled from sources deemed reliable; no representation is made as to its accuracy or completeness. All projections and pro formas are speculative, subject to significant uncertainty, and not a guarantee of future results. This investment is illiquid and speculative; investors should be able to bear the loss of their entire investment and should consult their own legal, tax, and financial advisors. Past performance is not indicative of future results.