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

Request the full data room

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

Confidential. Your details go directly to the sponsor team — no third parties.

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.