Related signs $136.5M refi with NYC HDC for 619-unit rental in Long Island City

Related Companies through the entity HPS 50th Avenue Associates LLC as borrower signed a refi loan with lender NYC Housing Development Corporation that then assigned it to Fannie Mae valued at $136.5 million for the apartment building with a total of 619 residential units, 1-50 50th Avenue in Long Island City, Queens, that is divided into five commercial condominium units.
The deal closed on January 27, 2026 and was recorded on February 5, 2026. The prior lender was Fannie Mae which held debt that had an original loan amount of $136.5 million originated in 2015. The five properties have 522,805 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $261 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 Frank J. Monterisi.

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, one out of the five 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

On the tax block of 1-50 50th Avenue, PincusCo has identified the owners of three of the 11 commercial properties representing 1,290,619 square feet of the 1,426,727 square feet. The two identified owners are TF Cornerstone and City Of New York.
On the tax block, there were three new building construction projects totaling 1,556,610 square feet. The largest is a 800-unit, 775,287 square-foot residential (R-2) building submitted by TF Cornerstone and filed by Bruce Weill with plans filed October 23, 2017 and permitted January 28, 2019. The second largest is a 689-unit, 705,581 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed March 8, 2019 and permitted January 16, 2020.

The majority, or 85 percent of the 1.4 million square feet of built space are elevator buildings, with specialty buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Related Companies owned at least 121 commercial properties with 7,784 residential units in New York City with 19,856,658 square feet and a city-determined market value of $6.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.7 billion in debt, with top three lenders as Wells Fargo, Wells Fargo, and Deutsche Bank respectively. Within the portfolio, the bulk, or 36 percent of the 19,856,658 square feet of built space are elevator properties, with office properties next occupying 35 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Bronx next at 13 percent of the space.

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