Glenwood signs $231M refi for 339-unit rental in Lincoln Square

Glenwood Management through the entity West 62nd Street LLC as borrower signed a refi loan with lender NYS Housing Finance Agency valued at $231 million for the 339-unit residential elevator building (D8) at 160 West 62nd Street in Lincoln Square, Manhattan.
The deal closed on March 13, 2025 and was recorded on March 17, 2025. The prior lender was NYS Housing Finance Agency which held debt that had an original loan amount of $260 million.The property has 461,229 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $500 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 January 7, 2011, for $125 million. The signatory for Glenwood Management was Gary Jacob. The signatory for NYS Housing Finance Agency was Russell Hubley . A state issued bond series for $260 million in 2011 was reissued with $231 million.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Carole Pittleman, head officer and New Hyde Park Realty L.P., shareholder. The business entities are Glenwood Management Corp and West 62nd Street Llc. The 461,229-square-foot property generated revenue of $25.8 million or $56 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 339 residential units in Lincoln Square has 461,229 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 90 feet deep with a total lot size of 9,646 square feet. The lot is irregular. The zoning is C4-7 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 property has a 421A exemption that started in 2016 and expires in 2036. The city-designated market value for the property in 2022 is $135.2 million. The property has 339 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 one DOB violation, one housing violation, and one housing litigation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 16, 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

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

The majority, or 60 percent of the 2 million square feet of built space are specialty buildings, with elevator buildings next occupying 39 percent of the space.

The borrower

The PincusCo database currently indicates that Glenwood Management owned at least seven commercial properties with 2,190 residential units in New York City with 2,707,959 square feet and a city-determined market value of $644.4 million. (Market value is typically about 50% of actual value.) The portfolio has $228.6 million in debt, borrowed from NYS Housing Finance Agency and Wells Fargo. Within the portfolio, the bulk, or 100 percent of the 2,707,959 square feet of built space are elevator properties, with retail properties next occupying 0 percent of the space. They are all located in Manhattan.

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