The Real Deal New York

Gotham lands $184M to refi two Manhattan rental buildings

Properties recently renovated
February 20, 2019 02:50PM

From left: 66 West 38th Street, Gotham CEO Joel Picket, and 400 West 55th Street (Credit: NY Nesting, Gotham, and ABS Partners)

Joel Picket’s Gotham Organization landed an injection of debt to cover two Manhattan rental properties.

Wells Fargo loaned $184 million to refinance the properties, which combined have more than 500 units and were recently renovated by Gotham, Commercial Observer reported. The debt in the deal, set up as bond purchases from the government, has a 15-year term with fixed and floating rates.

One of the towers covered by the debt is the 48-story Atlas New York at 66 West 38th Street, which secured $125 million in permanent financing.

The other is the 19-story the Nicole building at 400 West 55th Street in Hell’s Kitchen. Wells Fargo loaned $59 million to refinance it.

Greystone Bassuk’s Drew Fletcher, Matthew Klauer and Steven Deck organized the debt, the outlet reported.

A fifth of the units in each building is reserved for lower-income tenants. The buildings also contain roughly 100,000 square feet of commercial space. [CO] – Mary Diduch