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Laurence Gluck's Stellar Management Refinances Turtle Bay Multifamily At 301-303 East 47th Street For $110M

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FINANCED
$110,000,000
Marc Rowan
LG

New York

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MultiFamily290,001 SF
Financed 06/30/2025
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FINANCED

Laurence Gluck's Stellar Management Refinances Turtle Bay Multifamily At 301-303 East 47th Street For $110M

301 303 East 47th Street

See Similar Deals
MultiFamily290,001 SF
Financed 06/30/2025
Marc Rowan
LG
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$379
Total Square Footage:290,001 SF
Transaction Type:Loan

The property asset involved in this transaction is a multifamily building located at 301-303 East 47th Street in Turtle Bay, Manhattan. The total square footage of the building is 290,001 and it features 251 residential units.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $110,000,000
  • Address: 301-303 East 47th Street
  • Market: Turtle Bay, Manhattan
  • Lender: Marc Rowan - Apollo Global Management
  • Landlord: Laurence Gluck - Stellar Management
  • Loan Type: Refinance

This refinance deal involved Stellar Management, through Embassy House Eat LLC, replacing an existing debt of $115.6 million from Flagstar Bank with a new loan from Apollo Global Management’s Athene Annuity And Life Company. The transaction highlights the ongoing financial activity associated with multifamily properties in the Manhattan area.

Details

FINANCED
IMAGE: Marc Rowan & Laurence Gluck DATE: 06/30/2025 ADDRESS: 301-303 East 47th Street MARKET: Turtle Bay, Manhattan ASSET TYPE: Multifamily ~ SF: 290,001 LENDER: Marc Rowan - Apollo Global Management LANDLORD: Laurence Gluck - Stellar Management (@StellarManagement) LOAN AMOUNT: $110,000,000 LOAN TYPE: Refinance NOTE: Stellar Management, via Embassy House Eat LLC, refinanced its 251-unit Turtle Bay building at 301-303 East 47th Street with a $110M loan from Apollo Global Management’s Athene Annuity And Life Company, replacing Flagstar Bank’s $115.6M debt.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$110,000,000.00

Monthly NOI$733,333.33
Monthly Debt Service$695,274.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00