The Real Deal New York

Milstein affiliate lines up $143M refi for UES tower

Closes on loan for Claridge House; purchased the property in 1979
By Katherine Clarke | March 18, 2014 12:40PM

An affiliate of Milstein Properties has closed on a $143 million deal to refinance a residential rental tower on the Upper East Side.

The loan for Claridge House, at 201 East 87th Street, was issued to the Milstein affiliate by Apple Bank for Savings in December. The public records for the deal became available today.

Milstein purchased the property in 1979, property records show. Title was transferred to an affiliate of the company in 2003.

Neither a spokesperson for Milstein nor an executive at Apple Bank immediately responded to a request for comment.

The rental building has a total 402 units, nine of which are currently available for rent. Rents average around $60 per square foot, according to data from listings website StreetEasy.

The 510,305-square-foot property has 12,492 square feet of retail, PropertyShark shows. The bottom 40,000 square feet of the retail and basement portion of the building has been net leased to Whole Foods, with the store expected to open in a year.