Fortress, Slate obtain $26.5M refi with New York Life for 65-unit rental in Turtle Bay

Fortress Investment Group and Slate Property Group through the entity Crefma1 340 East 52nd Owner LLC as borrower signed a refi loan with lender New York Life Insurance Company valued at $26.5 million for the 65-unit residential elevator building (D7) at 340 East 52nd Street in Turtle Bay, Manhattan.
The deal closed on June 6, 2025 and was recorded on June 18, 2025. The prior lender was MetLife which held debt that had an original loan amount of $25.2 million.The property has 51,338 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $516 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 May 26, 2022, for $28.9 million. The signatory for Fortress Investment Group  and Slate Property Group was David Hammerman . The signatory for New York Life Insurance Company was Alana Moran .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Daniel Hochberg, head officer and Arben Latifi, site manager. The business entity is Crefma1 340 East 52nd Owner Llc.

The property

The residential elevator building with 65 residential units in Turtle Bay has 51,338 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,034 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $12.2 million. The most recent loan totaled $25.2 million and was provided by MetLife on May 26, 2022. The property has 13 rent regulated units according to city tax records from 2022.

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 $680 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 block

On this tax block, PincusCo has identified the owners of eight of the 19 commercial properties representing 322,930 square feet of the 423,637 square feet. The largest owner is William Koeppel, followed by Stellar Management and then Slate Property Group.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 423,637 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Fortress Investment Group owned at least three commercial properties with 594 residential units in New York City with 589,218 square feet and a city-determined market value of $132.3 million. (Market value is typically about 50% of actual value.) The portfolio has $377.9 million in debt, with top three lenders as Northwind Group, MetLife, and Prime Finance respectively. Within the portfolio, all identified are elevator properties. They are all located in Manhattan.

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