Hawkins Way Capital signs $197.4M refi for dorm, retail in Midtown East

Hawkins Way Capital through the entity 569 Lexington Leasehold LLC as borrower signed a refi loan with lender Standard Chartered Bank valued at $197.4 million for university dormitory space and retail at 569 Lexington Avenue in Midtown East, Manhattan.
The deal closed on March 18, 2025 and was recorded on April 18, 2025. The prior lender was Apollo Global Management which held debt that had an original loan amount of $119 million. The building is divided into commercial condo units with a total of 389,683 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $506 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 Hawkins Way Capital was Jeffrey Horowitz and Michael Lotito . G4 Capital Partners originated $119 million in 2021, then assigned it to Apollo Global Management’s Athene.

The property

The hotel condo in Midtown East has 389,683 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 382,367 square feet. The city-designated market value for the property in 2022 is $107.7 million. The most recent loan totaled $119 million and was provided by G4 Capital Partners on December 15, 2021.

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

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 Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 3rd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 19.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space.

The block

On the tax block of 569 Lexington Avenue, PincusCo has identified the owners of six of the nine commercial properties representing 1,323,713 square feet of the 1,519,621 square feet. The largest owner is Feil Organization, followed by Rudin Management and then Sonesta International Hotels.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 33 percent of the space.

The borrower

The PincusCo database currently indicates that Hawkins Way Capital owned at least three commercial properties in New York City with 526,639 square feet and a city-determined market value of $119 million. (Market value is typically about 50% of actual value.) The portfolio has $210.3 million in debt, with top three lenders as G4 Capital Partners, CIM Group, and Goldman Sachs respectively. Within the portfolio, the bulk, or 77 percent of the 526,639 square feet of built space are hotel properties, with H8 properties next occupying 17 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Brooklyn next at 23 percent of the space.

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