New York
Lightstone seals $75M loan for LIC rental project
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Lightstone refinances Chelsea hotel and LIC rentals
Lichtenstein increased debt at Moxy hotel and luxury multi-family ARC to $346M
A photo illustration of Lightstone Group CEO David Lichtenstein along with 105 West 28th Street (left) in Manhattan and 30-02 39th Avenue in Long Island City (right) (Getty, Lightstone Group, Google Maps)
David Lichtenstein’s Lightstone Group refinanced a pair of New York City properties last week, increasing the combined debt at the buildings to $346 million.
In Manhattan, Lightstone refinanced the Moxy Chelsea hotel at 105 West 28th Street for $177.8 million, PincusCo reported. The identity of the lender wasn’t disclosed. The loan replaced a $124 million loan originated by Loancore Capital.
Lightstone purchased the property in 2014 for $11.6 million.
Last year, Lightstone settled a feud with David Sinclair and Lisa Chapman, two unit owners in the condominium next door, who had accused the firm of selling air rights for the hotel project, then delaying construction for years with bogus 311 complaints.
Meanwhile in Queens, Lightstone also refinanced ARC, a 428-unit luxury multifamily property at 30-02 39th Avenue in Long Island City, according to PincusCo. JLL provided the $168 million loan, which is below the previous $187 million loan Lichtenstein secured from Citibank for ARC.
Lightstone bought the former parking garage site in January 2016 for $23 million and broke ground on the project later that year. The construction project landed a $75 million loan from Canadian Imperial Bank of Commerce that year.
Amenities at the building include a rooftop pool, outdoor dining cabanas and bocce courts.
Lightstone did not immediately return a request for comment from The Real Deal.
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At the end of last year, Lightstone similarly scored a pair of loans to refinance properties in Gowanus and the Lower East Side. Lightstone secured a $165 million loan for 365 Bond Street in Brooklyn from JLL Real Estate Capital and a $110 million refinance package from Apollo for its Moxy Hotel in Manhattan’s LES.
As interest rates appear set to stabilize this year after a campaign of relentless rate hikes from the Federal Reserve, the market for refinancing properties and obtaining loans may ease for owners.
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