The property asset involved in the transaction is a multifamily building located at 417 East 57th Street in the Sutton Place neighborhood of Manhattan. This building encompasses 105,734 square feet and consists of 125 units. The recent refinancing of the property was completed with a loan amount of $23,000,000. The new loan is valued at $217 per square foot, replacing a previous financing of $22.5 million.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $23,000,000
• Address: 417 East 57th Street
• Market: Sutton Place, Manhattan
• Square Footage: 105,734
• Units: 125
• Lender: J. David Morris - Equitable Financial Life Insurance Company
• Landlord: Arnold S. Lehman - LeFrak
• Loan Type: Refinance
• Date: August 15, 2024

This transaction involves Arnold S. Lehman representing LeFrak as the landlord, who has secured refinancing through J. David Morris atEquitable Financial Life Insurance Company. The refinancing indicates a strategic financial move for the property management by LeFrak in managing their asset portfolio.