RXR signs $70M refi with Aareal for 200-unit rental in Mott Haven

RXR Realty through the entity RXR 2413 Third Owner LLC as borrower signed a refi loan with lender Aareal Capital valued at $70 million for the 200-unit residential elevator building (D7) the Maven, at 2413 Third Avenue in Mott Haven, the Bronx.
The deal closed on July 18, 2025 and was recorded on July 28, 2025. The prior lender was Bank of America which held debt that had an original loan amount of $75.2 million.The property has 218,695 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $320 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 March 18, 2020, for $23.7 million. The signatory for RXR Realty was David Frank . The signatory for Aareal Capital was Alberto Azcon and Jennifer Hochberg.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jarrod Whitaker, head officer and Jessica Miller, site manager. The business entities are Rose Property Mgmt Grp Llc and Rxr 2413 Third Owner Llc. The 218,695-square-foot property generated revenue of $7.2 million or $33 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 200 residential units in Mott Haven has 218,695 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 55 feet and is 196 feet deep with a total lot size of 27,730 square feet. The lot is irregular. The zoning is M1-3/R8 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $39.7 million. The most recent loan totaled $75.2 million and was provided by Bank of America on June 29, 2021.

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 not received any significant violations in the last year.

Development

On the lot, there is one active new building construction project, 210181202, for a 200-unit, 165,391 square-foot R-2 building. The project was submitted by RXR Realty and filed by Todd Rechler with plans filed April 21, 2020 and permitted October 28, 2021.

The block

On this tax block, PincusCo has identified the owners of 11 of the 13 commercial properties representing 1,401,145 square feet of the 1,440,409 square feet. The largest owner is Brookfield Properties, followed by Cubesmart and then Zar Group.
On the tax block, there were four new building construction projects totaling 1,108,973 square feet. The largest is a 458-unit, 364,274 square-foot residential (R-2) building submitted by Brookfield Properties and filed by Dan Berger with plans filed September 3, 2015 and permitted April 1, 2019. The second largest is a 213-unit, 315,859 square-foot residential (R-2) building submitted by Chess Builders|Cheskel Schwimmer and filed by Cheskel Schwimmer with plans filed February 20, 2019 and it has not been permitted yet.

The majority, or 69 percent of the 1.4 million square feet of built space are elevator buildings, with industrial buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that RXR Realty owned at least 21 commercial properties with 1,000 residential units in New York City with 8,954,095 square feet and a city-determined market value of $2.9 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 88 percent of the 8,954,095 square feet of built space are office properties, with D3 properties next occupying 5 percent of the space. The bulk, or 79 percent of the built space, is in Manhattan, with Brooklyn next at 16 percent of the space.

Direct link to Acris document. link