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New York

Milstein lands $120M condo inventory loan at Lincoln Plaza tower

Apple Bank provides refi for 215 units at 30 West 63rd Street

Howard Milstein and 30 West 63rd Street
Howard Milstein and 30 West 63rd Street

Milstein Properties secured a $120 million condo-inventory loan to refinance 215 apartments at its 30 Lincoln Plaza apartment building, property records filed with the city Wednesday show.

Apple Bank assumed a $72 million loan provided to the developer in 2013 by Wells Fargo, and provided $48 million in new financing, records show.

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Representatives for Milstein and Apple Bank were not immediately available for comment.

Milstein began converting the tower at 30 West 63rd Street into condos in 2007. The New York Attorney General’s office had approved an offering plan for 580 apartments. Milstein faced controversy over a lawsuit regarding units that were sold for as much as 60 percent cheaper to non-tenant buyers.

Elsewhere, 349 unsold residential units totaling $430 million are on the market in a trio of Milstein buildings in Battery Park City.

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