Sigety, Yon sign $70M refi with Northwestern for 298-unit rental in Carnegie Hill

Cornelius Sigety and Kinne Yon through the entity 1510 Associates LLC as borrower signed a refi loan with lender Northwestern Mutual Life Insurance valued at $70 million for the 298-unit residential elevator building (D6) at 1510 Lexington Avenue in Carnegie Hill, Manhattan.
The deal closed on April 28, 2025 and was recorded on May 6, 2025. The prior lender was Northwestern Mutual Life Insurance which held debt that had an original loan amount of $115 million.The property has 308,257 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $227 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 Cornelius Sigety and Kinne Yon was Kinne S. Yon. The signatory for Northwestern Mutual Life Insurance was Henry Lange.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Cornelius Sigety, head officer and Kinne Yon, officer. The business entities are Rose Associates, Inc. and 1510 Associates Llc. The 308,257-square-foot property generated revenue of $15.9 million or $51 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 298 residential units in Carnegie Hill has 308,257 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 176 feet and is 155 feet deep with a total lot size of 28,571 square feet. The lot is irregular. The zoning is C1-8X which allows for up to 2 times floor area ratio (FAR) for commercial and up to 9 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2013 and expires in 2023. The city-designated market value for the property in 2022 is $84 million. The property has 298 rent regulated units according to city tax records from 2023.

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 $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 6, 2012. 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 20 of the 28 commercial properties representing 431,199 square feet of the 786,546 square feet. The largest owner is Breaking Ground, followed by Willy Wiener and then Sassouni Management.
On the tax block, there was one new building construction project filed totaling 109,960 square feet. It is a 109,960 square-foot educational (E) building submitted by Concepcion Alvar with plans filed September 4, 2015 and permitted February 12, 2020.

The majority, or 40 percent of the 786,546 square feet of built space are elevator buildings, with specialty buildings next occupying 31 percent of the space.

The borrower

The PincusCo database currently indicates that Cornelius Sigety owned at least one commercial property with 12 residential units in New York City with 13,665 square feet and a city-determined market value of $3.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

Direct link to Acris document. link