Arrow Arranges $73M Construction Loan for 18-Story Upper East Side Condominium

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Photorealistic exterior of an 18-story condominium under construction at 171 East 86th Street, Upper East Side, with crane and scaffolding

171 East 86th Street, Upper East Side, Manhattan, October 1, 2025

News Summary

A $73 million construction loan has been arranged to fund the ground-up development of an 18-story luxury condominium at 171 East 86th Street on Manhattan’s Upper East Side. The financing was provided by a private lender and negotiated by Arrow’s advisory team, including its founder and senior staff. Sales and marketing will be handled exclusively by a third-party development marketing firm. The deal follows related activity by the same advisory team, which recently arranged a $320 million loan for a large office-to-residential conversion. Construction planning will proceed under the loan terms as marketing efforts prepare for future sales.

Arrow Real Estate Advisors secures $73M construction loan for 18-story Upper East Side condominium

Manhattan — A new ground-up luxury condominium at 171 East 86th Street on the Upper East Side has secured a $73 million construction loan, providing key funding to move the 18-story project into construction. The loan was arranged by a real estate finance advisory firm and provided by a private lender focused on real estate capital.

Key details up front

The financing supports the ground-up development of an 18-story luxury condominium positioned to become a defining address on the Upper East Side. The financing was negotiated on behalf of the project sponsor and will support construction through delivery, while exclusive sales and marketing services have been retained to move the residences to market.

Who arranged the loan and who is behind the deal

The advisory team that negotiated the transaction included the firm founder and managing partner, a senior vice president and an associate. The financing was negotiated on behalf of the sponsor Z.D. Jasper Realty. Sales and marketing responsibilities for the condominium have been assigned exclusively to Brown Harris Stevens Development Marketing.

Project vision and market positioning

The development team positions the tower as blending the sponsor s proven condominium track record with the neighborhood s strengths, including cultural institutions, top schools and premier retail. The development is being delivered as a high-end residential offering and is expected to set a new benchmark for luxury living on the corridor.

Financing structure and strategic rationale

The lender provided a construction facility sized to match the scale of the project and the timing of the development schedule. The advisory team emphasized that pairing the right capital partner with a thoughtful finance structure was intended to support the sponsor through construction and position the project for a successful sellout.

Related financing activity

In a separate deal arranged by the same advisory firm, a $320 million construction loan was placed for the conversion of 80 Pine Street in the Financial District. That transaction will fund an office-to-residential repositioning of a 41-story tower into a large residential complex containing roughly 713 units and approximately 1.2 million square feet of total space. The conversion loan was provided by a pair of institutional lenders and will help transform lower floors and other portions of the full-block property into mixed residential, office and retail uses. That property was constructed in 1960, occupies a full city block, and had seen nearly $100 million of renovations prior to the conversion project. The sponsor acquired the building in September 2024 and plans to leverage a specific tax incentive program to support the redevelopment.

Advisory teams on both transactions

The advisory firm s teams included senior personnel on both assignments. For the 171 East 86th Street financing the team consisted of the founder and managing partner, a senior vice president and an associate. For the 80 Pine Street assignment the negotiating team included the firm founder, another senior vice president and a senior associate.

Market context and implications

These capital placements reflect ongoing demand for well-capitalized residential development and repositioning projects in Manhattan. The two transactions together show activity across both new ground-up luxury product and large-scale office-to-residential conversions supported by institutional and private lenders. Observers note that targeted finance structures and partnerships with established sponsors and exclusive marketing teams are central to moving large Manhattan projects from planning into construction and sales.

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FAQ

What project received the $73 million construction loan?

A ground-up 18-story luxury condominium at 171 East 86th Street on the Upper East Side secured the $73 million construction facility.

Who provided the construction financing?

A private real estate lender provided the $73 million construction loan arranged by the advisory firm on behalf of the sponsor.

Who is the sponsor and who handles sales?

The sponsor is Z.D. Jasper Realty and exclusive sales and marketing for the condominium are handled by Brown Harris Stevens Development Marketing.

Was this advisory firm involved in other recent Manhattan financings?

Yes. The same advisory firm also arranged a separate $320 million construction loan for the conversion of 80 Pine Street into a predominantly residential property with approximately 713 units.

How can readers get updates and more concise CRE alerts?

Readers are offered options to sign up for daily news and short email summaries that deliver concise commercial real estate updates and market-specific stories.

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Key project features

Feature 171 East 86th Street 80 Pine Street
Location Upper East Side, Manhattan Financial District, Manhattan
Project type Ground-up luxury condominium Office-to-residential conversion
Height / stories 18 stories 41 stories
Financing amount $73,000,000 $320,000,000
Lender(s) Private real estate capital BridgeCity Capital and Deutsche Bank
Sponsor Z.D. Jasper Realty Bushburg Properties
Units / size Not disclosed Approximately 713 units; ~1.2 million sq ft
Sales & marketing Brown Harris Stevens Development Marketing (exclusive) Not specified
Status Financing secured for construction Financing secured for conversion

Deeper Dive: News & Info About This Topic

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