Upper East Side condo project at former Papaya King site secures $73M loan
Crain's reported that developer ZD Jasper has secured a $73 million construction loan from Madison Realty Capital for a luxury condominium project at 171 E. 86th Street on the Upper East Side, the former site of a longtime Papaya King location. The 18-story development will feature 24 luxury condos ranging from two to five bedrooms across 81,000 square feet, along with ground-floor retail space already leased to a bank, with completion expected by late 2026 at a total project cost of approximately $112 million. The financing will support ZD Jasper, which purchased the site from Extell Development for $24.5 million in October 2023, through the construction process for what Madison Realty Capital co-founder Josh Zegen described as a project that will "further elevate the Upper East Side as one of Manhattan's most desirable neighborhoods."
