Related signs $100M loan with TYKO for 180-unit rental in Yorkville, up from $60M
Related Companies through the entity 400 East 84th Street Associates L.P. as borrower signed a refi loan with lender TYKO Capital through the entity Strathmore Debt Lender LLC valued at $100 million for the 180-unit residential elevator building (D6) at 400-410 East 84th Street in Yorkville, Manhattan.
The deal closed on December 27, 2024 and was recorded on January 23, 2025. The prior lender was NYS Housing Finance Agency which held debt that had an original loan amount of $60 million. The property has 302,854 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $330 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 Related Companies was Andrew Orchulli. The signatory for TYKO Capital was Adi Chugh.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Bill Brake, head officer and John Cashin, site manager. The business entities are Related Management and 400 East 84th Street Associates, Lp.
The property
The residential elevator building with 180 residential units in Yorkville has 302,854 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 127 feet and is 100 feet deep with a total lot size of 14,359 square feet. The lot is irregular. The zoning is C1-9 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 $68 million. The property has 37 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 $12,500 in ECB penalties, six housing violations, and $12,800 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on September 9, 2016. On the lot, there is one active major alteration construction project, M01089561, for a 180-unit, 269,743 square-foot R-2 building. The project was submitted by Andrew Orchulli with plans filed September 4, 2024 and it has not been permitted yet.
The block
On this tax block, PincusCo has identified the owners of 17 of the 27 commercial properties representing 533,560 square feet of the 636,295 square feet. The largest owner is Related Companies, followed by S.W. Management and then Blackstone Group.
There are no active new building construction projects on this tax block.
The majority, or 65 percent of the 636,295 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.
The borrower
The PincusCo database currently indicates that Related Companies owned at least 169 commercial properties with 9,465 residential units in New York City with 21,625,755 square feet and a city-determined market value of $6.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.2 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 44 percent of the 21,625,755 square feet of built space are elevator properties, with office properties next occupying 32 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Bronx next at 23 percent of the space.
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