L&M, J&R Music founders lock in $235M loan for Park Row condo project
L&M Development Partners and the founders of the iconic J&R Music store landed $235 million in construction financing from Bank of the Ozarks for their 54-story condominium project overlooking City Hall Park, property records filed with the city Thursday show.
The partners plan to build a 691-foot-tall, 266,000-square-foot tower at 23 Park Row, the site of the former J&R Music and Computer World location. The developer formed a partnership with J&R founders Joe and Rachelle Friedman in 2014 to develop the site.
Plans call for 110 condos as well as roughly 55,000 square feet of retail spread across the cellar and the four lower floors. The tower, designed by COOKFOX Architects, is already under construction. Corcoran Sunshine will be marketing the units in the building, which is expected to be completed in early 2020, a spokesperson for L&M told The Real Deal.