HUBB NYC signs $15.7M initial loan with JLL for 60-unit rental in Lenox Hill
HUBB NYC through the entity 345 E 64th St LLC as borrower signed a initial loan with lender JLL through the entity Jll Real Estate Capital, LLC valued at $15.7 million for the 60-unit residential elevator building (D7) at 345 East 64th Street in Lenox Hill, Manhattan.
The deal closed on May 15, 2025 and was recorded on May 16, 2025. The property has 50,225 square feet of built space and 252 square feet of additional air rights for a total buildable of 50,500 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $312 and the price per buildable square foot is $311 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 10, 2025, for $34 million. The signatory for HUBB NYC was John P. McCarthy IV and Steven Dluzyn . This loan was provided four months after HUBB NYC bought the property.
The property
The residential elevator building with 60 residential units in Lenox Hill has 50,225 square feet of built space and 252 square feet of additional air rights for a total buildable of 50,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,050 square feet. The zoning is C2-8 which allows for up to 2 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 $13.5 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 $350 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 10 of the 16 commercial properties representing 487,745 square feet of the 669,118 square feet. The largest owner is Stonehenge Nyc, followed by Steven Rosenthal and then Hubb Nyc.
There are no active new building construction projects on this tax block.
The majority, or 71 percent of the 669,118 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.
The borrower
The PincusCo database currently indicates that Hubb Nyc owned at least 54 commercial properties with 1,462 residential units in New York City with 1,062,196 square feet and a city-determined market value of $368.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 1,062,196 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 30 percent of the space.
Direct link to Acris document. link