NEW YORK CITY—Q10 | New York Realty Advisors, LLC has closed aleasehold mortgage loan in the amount of $27.3 million secured by a15-story multifamily building—which features ground floor retail—at350 E. 52nd St. The non-recourse, interest-only loan was writtenfor a 10-year term. The interest rate was fixed for 10 years at arate in the low 4's. The loan was done at par.
The lender wasrepresented by the law firm of Hunton & Williams LLP. Theborrower was represented by Abrams, Fensterman, Fensterman, Eisman,Formato, Ferrara & Wolf, LLP. Larry Linksman of Bridge Fundingadvised the borrower.
Sitting on the corner of First Avenue, the building is owned andmanaged by a prominent New York owner who represents the fourthgeneration of his family, which is actively involved in theownership and management of area real estate. The building isconsistently fully occupied. The ground lease dates to the 1950'sand has more than 40 years remaining on the term. Jeanne Croninplaced the loan with a major international bank with offices in NewYork.
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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.
