Gotham Org. signs $460M refi for 11 properties in Hell’s Kitchen

Gotham Organization through the entity 44th Street Development LLC as borrower signed a refi loan with lender NYS Housing Finance Agency valued at $460 million for 11 properties with 898 residential units including the 341-unit rental condo at 550 West 45th Street in Hell’s Kitchen, Manhattan, 78-unit rental condo at 530 West 45th Street in Hell’s Kitchen, Manhattan, and 216-unit rental condo at 550 West 45th Street in Hell’s Kitchen, Manhattan.
The deal closed on June 11, 2025 and was recorded on June 16, 2025. The prior lender was NYS Housing Finance Agency which held debt that had an original loan amount of $520 million.The 11 properties have 917,683 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $501 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 Gotham Organization was David L. Picket . The signatory for NYS Housing Finance Agency was Russell Hubley .

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 not received any significant violations in the last year.

Development

For the tax lot buildings, three out of the 11 buildings received a initial certificate of occupancy in the last ten years. 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.

All properties are specialty.

The borrower

The PincusCo database currently indicates that Gotham Organization owned at least seven commercial properties with 1,964 residential units in New York City with 933,562 square feet and a city-determined market value of $73.8 million. (Market value is typically about 50% of actual value.) The portfolio has $662.9 million in debt, borrowed from Wells Fargo. Within the portfolio, the bulk, or 50 percent of the 933,562 square feet of built space are elevator properties, with D6 properties next occupying 36 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.

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