A&E signs $47.2M refi with Apollo for 110-unit rental in Yorkville, down from $72.6M

A&E Real Estate Holdings through the entity 245 East 80th Street, LLC as borrower signed a refi loan with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $47.2 million for the 110-unit residential elevator building (D6) at 1543 Second Avenue in Yorkville, Manhattan.
The deal closed on September 15, 2025 and was recorded on September 29, 2025. The prior lender was Mesa West Capital which held debt that had an original loan amount of $72.6 million.The property has 123,524 square feet of built space and 5,958 square feet of additional air rights for a total buildable of 129,540 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $382 and the price per buildable square foot is $364 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for A&E Real Estate Holdings was Alex T. Bruce . The signatory for Apollo Global Management was Jeffrey Horowitz .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Margaret Brunn, head officer and Brian Garland, agent. The business entity is 245 East 80th Street, Llc. The 123,524-square-foot property generated revenue of $5.8 million or $47 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 110 residential units in Yorkville has 123,524 square feet of built space and 5,958 square feet of additional air rights for a total buildable of 129,540 square feet according to a PincusCo analysis of city data. The parcel has frontage of 102 feet and is 127 feet deep with a total lot size of 12,954 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $23.5 million. Mesa West Capital on August 18, 2021 bought a loan with an original principal of 72635223.0 from Mesa West Capital signed by Alex T. Bruce, secured by 1543 2nd Avenue, when owned by A&E Real Estate Holdings. The property has 33 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,500 in ECB penalties, one housing violation, and $7,550 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 15, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 12 of the 27 commercial properties representing 249,166 square feet of the 363,731 square feet. The largest owner is A&E Real Estate Holdings, followed by Manocherian Brothers and then Rosenfeld And Rosenbaum Medical Group.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 363,731 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that A&E Real Estate Holdings owned at least 177 commercial properties with 15,576 residential units in New York City with 14,459,508 square feet and a city-determined market value of $1.8 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.9 billion in debt, with top three lenders as Signature Bank, JPMorgan Chase, and Mesa West Capital respectively. Within the portfolio, the bulk, or 76 percent of the 14,459,508 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. The bulk, or 49 percent of the built space, is in Queens, with Manhattan next at 32 percent of the space.

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