Apollo Backs RXR, Black Spruce & Orbach with $146M Loan for 209-unit UES Building

Two Sutton Place North Receives $146 Million Boost

The Upper East Side of Manhattan has always been synonymous with elegance and sophistication. Nestled within this exclusive neighborhood lies Two Sutton Place North, an exquisite 209-unit apartment property that exudes grandeur and charm. Recently, an affiliate of Apollo Global Management recognized the immense potential of this iconic building and granted a substantial $146 million loan against it.

Two Sutton Place North is a true gem, boasting a prime location and a world-class living experience. Its spacious and meticulously designed units provide the perfect haven for those seeking a taste of luxury. The property's stunning architectural details and state-of-the-art amenities make it a coveted destination for discerning individuals.

With this substantial loan, the future of Two Sutton Place North shines even brighter. The infusion of capital will undoubtedly enhance the property's allure and ensure its continued success and prominence in the Upper East Side's real estate landscape.

As the winds of change sweep through the Manhattan skyline, Two Sutton Place North stands tall as a symbol of timeless elegance and unparalleled quality. It will continue to be a coveted address for those seeking a truly remarkable living experience in the heart of the city.

Unlocking the Potential: A New Chapter for 1113 York Ave.

Intriguing possibilities lie ahead for the esteemed property at 1113 York Ave., now under the ownership of a powerful alliance comprising RXR Realty, Black Spruce Management, and Orbach Group. Acquired in 2022 for an impressive $221.27 million, this acquisition involved the assumption of a substantial $143.04 million Freddie Mac mortgage, meticulously securitized through FREMF, 2017-K729. It’s essential to note that this loan boasted an attractive coupon rate of 3.93 percent and was poised to reach maturity this month.

A Prime Property with Promising Occupancy Rates

Last year, Two Sutton Place North boasted an impressive 95 percent occupancy rate, positioning it as an attractive investment opportunity. Detailed servicer data compiled by Trepp Inc. indicates that this property was on track to generate a net cash flow of $6.13 million. With such promising figures, it's clear that Two Sutton Place North is a property worth considering for those seeking a profitable venture.

Black Spruce, Orbach, and RXR

Meet Black Spruce, the New York investor who has made their mark in the real estate market with over 2,000 apartment units in the greater New York area. Their portfolio is a testament to their unwavering commitment and expertise.

Not to be outdone, Orbach, a distinguished developer hailing from Englewood Cliffs, N.J., has successfully cultivated a vast portfolio of approximately 5,500 units across the country. Their reach extends far and wide, showcasing their prowess and ambition.

But let's not forget about RXR, a name that resonates in the real estate realm. With a stronghold of 75 office and residential properties, their influence is undeniable. They have crafted a legacy of excellence and have become a force to be reckoned with.