Larry Gluck lands refi for 13 buildings

Capital One is the lender on the Stellar-owned properties
By Konrad Putzier | September 18, 2017 12:45PM

11-15 West 123rd Street and Larry Gluck

Larry Gluck’s Stellar Management refinanced a 13-building New York City mixed-use portfolio with a $105 million, five-year loan from Capital One, the company announced Monday.

The list of buildings includes 11-15 West 123rd Street, 1061-1071 St. Nicholas Avenue, 604 West 162nd Street and 601-609 West 175th Street and spans more than 600 apartments along with retail and commercial space. Stellar said it has owned all 13 buildings for more than two decades.

GCP Capital Group brokered the loan.

In April, 59 tenants at more than a dozen Stellar buildings sued the landlord for alleged rent overcharges, claiming the firm benefitted from the J-51 tax abatement but didn’t keep the apartments stabilized.

Earlier this year, Stellar bought the leasehold on the NoMad mixed-use building at 218-220 Fifth Avenue.