Fieldstone secures $95M refi for Clinton Manor

Section 8 complex contains 235 units

535 West 51st Street
535 West 51st Street

Joseph and Sam Kazarnovsky of Fieldstone Properties refinanced a 235-unit Section 8 complex at 535 West 51st Street in Hell’s Kitchen, property records show.

Capital One provided a $16 million mortgage and replaced $79 million in previous debt from Barclays Capital, for a total $95 million financing package.

The eight-story building, known as Clinton Manor, spans more than 251,000 square feet and was built in 1981 on land previously owned by the City of New York.

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Joseph Kazarnovsky was not immediately available to comment.

Kazarnovsky, whose Fieldstone Properties is based in Parsippany, New Jersey, is better known outside of New York. In Maryland, he he owns the 153-acre, 2,877-unit apartment community called Franklin Park in the D.C. suburb known as Greenbelt. In New Jersey, Kazarnovsky co-developed the Minisceongo Golf Club and is planning a 700-unit townhouse community in Ramapo. He also owns a number of properties in the Tampa Bay metropolitan area in Florida.

Fetner Properties recently secured a $183 million refinancing at 501 West 41st Street rental tower, also in Hell’s Kitchen.