Corigin signs $178M refi loan with Apollo Global for NYU dorm in Civic Center

Corigin through the entity Coral Lafayette LLC as borrower signed a refi loan with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $178 million for Lafayette Hall, a New York University dormitory building (H8) at 80 Lafayette Street in Civic Center, Manhattan.
The deal closed on February 28, 2025 and was recorded on March 19, 2025. The prior lender was Series 2015-K46 which held debt that had an original loan amount of $161.3 million.The property has 317,464 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $560 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 Corigin was Greg Gleason . 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 Greg Gleason, head officer and Thomas Klosinski, agent. The business entities are Corigin Management Llc and Coral Lafayette. The 317,464-square-foot property generated revenue of $22.1 million or $70 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Civic Center has 317,464 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 106 feet deep with a total lot size of 18,504 square feet. The lot is irregular. The zoning is C6-4A which allows for up to 10 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 $61.8 million.

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 two DOB violations and $300 in OATH penalties 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 Civic Center, The majority, or 57 percent of the 13.9 million square feet of commercial built space are office buildings, with specialty buildings next occupying 36 percent of the space. In sales, Civic Center has not had any sales in the last two years. For development, Civic Center has had very little major development activity relative to other neighborhoods.It had 1,500 square feet of commercial and multi-family construction under development in the last two years, which represents 0.01 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 423,784 square feet of built space are hotel buildings, with office buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Corigin owned at least one commercial property with seven residential units in New York City with 5,625 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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