NEW YORK, NY – Ultra-luxury multifamily assets in Manhattan remain in high demand, leading to strong interest from the lending community. On behalf of JDS Development Group, Capital Markets experts announced the firm secured $660 million in financing for the American Copper Buildings at 626 First Avenue in Manhattan. AIG provided a $500 million senior loan while Apollo Global Management and SL Green provided a $160 million mezzanine loan. The financing is interest-only and carries a three-year term.
Managing Director Aaron Appel, Executive Vice President Michael Diaz and Senior Vice President Mark Fisher led the JLL team on the transaction. Matt Phillips and Gregory Gleicher led the JDS team.
“This deal is representative of the appetite investors have for product that fulfils the huge demand for high-quality multifamily assets in Manhattan,” said Appel. “Due to the building’s 421-a tax abatement designation, the owners were able to build the towers in what would otherwise have been a prohibitive funding environment. There is really no comparable product in the city, which made this a highly sought-after lending opportunity.”
Located along the waterfront of the East River, the East and West towers are 41 and 48 stories, respectively. The ShoP Architects-designed, copper-clad towers are connected by Manhattan’s first sky bridge in 80 years and include 601 market rate units and 160 affordable units. The buildings also include 13,441 square feet of ground floor retail space.
Amenities include a rooftop infinity pool on the East tower along with a resident bar and lounge with views of the Manhattan skyline. Both buildings will also have access to a 24-hour concierge, a secure 294-spot parking garage and a two-story, state-of-the-art fitness center. Units will include custom finishes such as stone countertops, stainless steel appliances, custom wood cabinetry, built-in speakers, hardwood floors, urban mud rooms, and washers and dryers.