Cushman & Wakefield, Inc. announced today that it served as the advisor to The Chetrit Family and Stellar Management (collectively, the “Borrower”) in arranging $550 million of fixed-rate financing secured by Yorkshire Towers and Lexington Towers (collectively, the “Properties”) in New York, New York. The financing was provided by affiliates of Natixis Real Estate Capital LLC and UBS AG.
Yorkshire Towers, located at 305-315 East 86th Street on Manhattan’s Upper East Side, is a 692-unit, 21-story apartment building built in 1964. The building spans the entire eastern block-front of Second Avenue between East 86th Street and East 87th Street, and is strategically located at the entrance of the Second Avenue Subway (the “Q” line).
Built in 1963, Lexington Towers is a 137-unit, 15-story apartment building located on the southeast corner of East 88th Street and Lexington Avenue, just three blocks from Central Park and less than two blocks from the 4, 5 and 6 subway line entrance at East 86th Street and Lexington Avenue.
Newly revitalized from a comprehensive repositioning completed this summer, the Properties have reemerged as preeminent luxury rental buildings, with renovated lobbies and common areas, a variety of floor plan layouts and an impressive array of amenities. Renovated units at the Properties feature condominium-quality finishes including walk-in California-style closets, oak floors, designer kitchens with high-end stainless steel appliances, in-unit Bosch washer/dryers, oversized private balconies (at Yorkshire Towers which features 14 corners) and newly installed “high-hat” lighting. Both Properties offer the high-demand luxury amenities that are attracting renters: 24-hour doorman, state-of-the-art fitness centers, and underground parking with on-site valet, a rare amenity for New York City residents. Additional amenities at Yorkshire Towers include an extensively landscaped courtyard, fully renovated swimming pool, sauna, storage, children’s playroom and a dedicated driveway for building residents, among others.
A Cushman & Wakefield Equity, Debt and Structured Finance team of Steve Kohn, Alex Hernandez, Alex Lapidus and Noble Carpenter, along with a Capital Markets team of Doug Harmon and Adam Spies, represented the Borrower.
“This is quintessential multi-generational Manhattan real estate. The extensive renovation program undertaken by the ownership has positioned these assets for long-term success in the competitive Manhattan residential market,” said Steve Kohn, President of Cushman & Wakefield’s Equity, Debt & Structured Finance group. Executive Director, Alex Hernandez added, “The combination of a healthy securitization market and a highly-liquid subordinate financing market for such quality assets as these resulted in very attractive terms for this financing.”