Cherokee Apartments co-op signs $32.5M refi for 670-unit complex in Lenox Hill

Cherokee Apartments cooperative through the entity Cherokee Owners Corp as borrower signed a refi loan with lender National Cooperative Bank valued at $32.5 million for two rental properties with 670 residential units including the 384-unit building (C6) at 508 East 78th Street and the 286-unit walkup building (C6) at 509 East 77th Street in Lenox Hill, Manhattan.
The deal closed on May 29, 2025 and was recorded on June 12, 2025. The two properties have 197,160 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $164 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 Cherokee Apartments cooperative was Frank Bruno . The signatory for National Cooperative Bank was Amy Bouril .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Frank Bruno, head officer and Adam Zerka, officer. The business entity is Cherokee Owners Corp.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $3.5 billion in sales volume in the last two years. For development, Lenox Hill has 3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other walkup buildings in the past 12 months.

The block

On the tax block of 508 East 78th Street, PincusCo has identified the owner of the one commercial property that spans that spans 102,068 square feet on the block.The identified owner is Nyc Department Of Education.
There are no active new building construction projects on this tax block.

All properties are specialty.

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