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New York

Glenwood lines up $260M loan for Hawthorn Park rental tower

State agency provides funds to finance 54-story, 339-unit project near Lincoln Center

160 West 62nd Street in Lincoln Square and Glenwood's Gary Jacob
160 West 62nd Street in Lincoln Square and Glenwood's Gary Jacob

Long Island-based Glenwood Management received a $260 million loan for its 54-story Lincoln Square rental tower Hawthorn Park.

The 339-unit apartment building at 160 West 62nd Street, also known as 51 Amsterdam Avenue, began leasing in June and is now open. Glenwood acquired the site in 2011 from Fordham University for $125 million, records show.

New York State Housing Finance provided the loan to finance the newly constructed tower, which features 3,846 square feet of retail space. The mortgage is intended to finance a portion of the building’s purchase cost, construction and improvements, records show.

Representatives for Glenwood could not be reached for comment.

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Douglaston Development planned to construct a 57-story tower on the site in 2006, but canceled the project three years later amid the market downturn.

The tower recently made headlines for banning dogs that weigh over 15 pounds from the premises, as previously reported.

Leonard Litwin, president and CEO of Glenwood, was the biggest donor in the New York midterm election, having contributed $1 million to Governor Cuomo’s victorious re-election campaign, as previously reported.

Kyna Doles contributed to this report.

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