Updated Jul 16, 2025
Laurence Gluck's Stellar Management Refinances Turtle Bay Multifamily At 301-303 East 47th Street For $110M
301 303 East 47th Street
$110,000,000
$379/SF
Building Size
290,001 SF
Asset Type
MultiFamily
Closing
Jun 30, 2025
About this deal
AI
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.
On the Map
$110,000,000
$379/SF
MultiFamily
View full map
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Marc Rowan to view all their deals.
Browse New York multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93