NEW YORK CITY—JDS Development Group has secured $660 million in financing for the American Copper Buildings at 626 First Ave. 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.
JLL capital markets managing director Aaron Appel, EVP Michael Diaz and SVP Mark Fisher led the JLL team on the transaction. Matt Phillips and Gregory Gleicher led the JDS team on the transaction.
“This deal is representative of the appetite investors have for product that fulfills the huge demand for high-quality multifamily assets in Manhattan,” says Appel. “Due to the building's 421-a tax abatement designation, the towers were able to be constructed 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 the first sky bridge constructed in 80 years in Manhattan and are comprised of 601 market rate units and 160 affordable units. The buildings also include 13,441 square feet of ground floor retail space.
The buildings' 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 in every unit.
JLL capital markets managing director Aaron Appel, EVP Michael Diaz and SVP Mark Fisher led the JLL team on the transaction. Matt Phillips and Gregory Gleicher led the JDS team on the transaction.
“This deal is representative of the appetite investors have for product that fulfills the huge demand for high-quality multifamily assets in Manhattan,” says Appel. “Due to the building's 421-a tax abatement designation, the towers were able to be constructed 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 the first sky bridge constructed in 80 years in Manhattan and are comprised of 601 market rate units and 160 affordable units. The buildings also include 13,441 square feet of ground floor retail space.
The buildings' 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 in every unit.
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