NEW YORK CITY—Q10 | New York Realty Advisors, LLC has closed a leasehold mortgage loan in the amount of $27.3 million secured by a 15-story multifamily building—which features ground floor retail—at 350 E. 52nd St. The non-recourse, interest-only loan was written for a 10-year term. The interest rate was fixed for 10 years at a rate in the low 4's. The loan was done at par.
The lender was represented by the law firm of Hunton & Williams LLP. The borrower was represented by Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf, LLP. Larry Linksman of Bridge Funding advised the borrower.
Sitting on the corner of First Avenue, the building is owned and managed by a prominent New York owner who represents the fourth generation of his family, which is actively involved in the ownership and management of area real estate. The building is consistently fully occupied. The ground lease dates to the 1950's and has more than 40 years remaining on the term. Jeanne Cronin placed the loan with a major international bank with offices in New York.
Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a commercial mortgage banking and investment sales company with 24 offices nationwide. Q10NY provides debt and equity solutions to all types of real estate transactions, regardless of property type, size, location and complexity.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
