Cammeby’s signs $173.1M refi with NewPoint for 522-unit rental in Carnegie Hill

Cammeby’s International Group through the entity Monterey 96 Street LLC as borrower signed a refi loan with lender NewPoint Real Estate Capital through the entity Newpoint Real Estate Capital LLC valued at $173.1 million for the 522-unit residential elevator building (D9) at 175 East 96th Street in Carnegie Hill, Manhattan.
The deal closed on June 16, 2025 and was recorded on July 1, 2025. The prior lender was MassMutual which held debt that had an original loan amount of $155 million.The property has 509,090 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $340 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 owner bought the property on June 21, 2013, for $252 million. The signatory for Cammeby’s International Group was Eli Schron . The signatory for NewPoint Real Estate Capital was Randal S. Hering . NewPoint Real Estate Capital is an affiliate of Barings, which owns MassMutual, the former lender.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Avi Schron, head officer and Aliza Klipper, officer. The business entity is Monterey 96 Street Llc. The 509,090-square-foot property generated revenue of $25.7 million or $50 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 522 residential units in Carnegie Hill has 509,090 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 300 feet and is 201 feet deep with a total lot size of 40,873 square feet. The lot is irregular. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $127.1 million. The property has 105 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 $1,980 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 25, 2012. 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 seven of the 16 commercial properties representing 717,590 square feet of the 1,343,591 square feet. The largest owner is Cammeby’S International Group, followed by Sassouni Management and then Jonathan Lobatto.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 1.3 million square feet of built space are elevator buildings, with specialty buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Cammeby’s International Group owned at least 129 commercial properties with 16,678 residential units in New York City with 16,389,220 square feet and a city-determined market value of $1.9 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 16,389,220 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Brooklyn next at 30 percent of the space.

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