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Cornelius Sigety & Kinne Yon Secure $70M Refinance Loan For Multifamily Asset In Carnegie Hill

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FINANCED
$70,000,000

New York

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MultiFamily308,257 SF
Financed 04/28/2025
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FINANCED

Cornelius Sigety & Kinne Yon Secure $70M Refinance Loan For Multifamily Asset In Carnegie Hill

1510 Lexington Avenue

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MultiFamily308,257 SF
Financed 04/28/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$227
Total Square Footage:308,257 SF
Transaction Type:Loan

The property asset involved is a multifamily residential building located at 1510 Lexington Avenue in the Carnegie Hill neighborhood of Manhattan. The asset encompasses 308,257 square feet and includes 298 units, reflecting its capacity for housing a significant number of residents.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $70,000,000
  • Address: 1510 Lexington Avenue
  • Market: Carnegie Hill, Manhattan
  • Asset Size: 308,257 SF
  • Units: 298
  • Lender: Northwestern Mutual Life Insurance Company
  • Landlord: Cornelius Sigety & Kinne Yon
  • Loan Type: Refinance

Cornelius Sigety and Kinne Yon, acting through 1510 Associates LLC, secured financing through a refinance loan facilitated by Northwestern Mutual Life Insurance Company. This transaction underscores the involvement of key stakeholders in managing and financing residential assets within Manhattan.

Players

Northwestern Mutual
Northwestern Mutual
LENDER

Details

FINANCED
IMAGE: 04/28/2025 ADDRESS: 1510 Lexington Avenue MARKET: Carnegie Hill, Manhattan ASSET TYPE: Multifamily ~ SF: 308,257 ~ UNITS: 298 LENDER: Northwestern Mutual Life Insurance Company LANDLORD: Cornelius Sigety & Kinne Yon LOAN AMOUNT: $70,000,000 LOAN TYPE: Refinance NOTE: Cornelius Sigety and Kinne Yon, through 1510 Associates LLC, secured a $70M refinance loan from Northwestern Mutual for the 298-unit residential building at 1510 Lexington Avenue in Carnegie Hill.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$70,000,000.00

Monthly NOI$466,666.67
Monthly Debt Service$442,447.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00