Vanbarton Group signs $224M refi with Invesco for 380-unit rental in Garment District

Vanbarton Group through the entity VBG 990 AoA LLC as borrower signed a refi loan with lender Invesco through the entity Incref Investments Bmo Seller, LLC valued at $224 million for the 380-unit residential elevator building (D6) at 980 Avenue of the Americas in Garment District, Manhattan.
The deal closed on October 15, 2025 and was recorded on November 10, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $244.6 million.The property has 386,382 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $579 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 September 30, 2014, for $69.9 million. The signatory for Vanbarton Group was Damiano Buffa . The signatory for Invesco was Stephanie Holder .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Frank Scaffa, head officer and Astrid Bocanegra, agent. The business entity is Vbg Aoa 990 Llc. The 386,382-square-foot property generated revenue of $29.5 million or $76 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 380 residential units in Garment District has 386,382 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 197 feet and is 121 feet deep with a total lot size of 21,825 square feet. The lot is irregular. The zoning is C6-6 which allows for up to 15 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 $127.9 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 $2,500 in ECB penalties, one housing violation, and $9,860 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 3, 2021. On the lot, there is one active major alteration construction project, 123579387, for a 380-unit, 386,382 square-foot R-2 building. The project was submitted by William Bond with plans filed June 22, 2018 and permitted January 17, 2019.

The block

On this tax block, PincusCo has identified the owners of 13 of the 29 commercial properties representing 1,188,572 square feet of the 1,676,094 square feet. The largest owner is Vanbarton Group, followed by Chetrit Group and then Empire Management.
On the tax block, there was one new building construction project filed totaling 46,824 square feet. It is a 143-unit, 46,824 square-foot hotel/dormitory/shelter (R-1) building submitted by Richard Fung with plans filed December 4, 2014 and permitted March 9, 2017.

The majority, or 65 percent of the 1.7 million square feet of built space are office buildings, with elevator buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Vanbarton Group owned at least 20 commercial properties with 1,121 residential units in New York City with 3,460,225 square feet and a city-determined market value of $1.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $1.9 billion in debt, with top three lenders as Blackstone Group, Blackstone Mortgage Trust, and Equitable Financial Life Insurance Company respectively. Within the portfolio, the bulk, or 68 percent of the 3,460,225 square feet of built space are office properties, with specialty properties next occupying 12 percent of the space. The bulk, or 95 percent of the built space, is in Manhattan, with Bronx next at 5 percent of the space.

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