Affinius Capital provides a loan for the purchase of a New York apartment worth USD 52 million – Commercial Observer

Four Winds real estate secured $52 million in financing for the acquisition KnoxA 110-unit mixed-use property in Manhattan, Commercial Observer has learned. Affinius Capital initiated financing.

CON reported Last month, Four Winds Real Estate finalized the purchase of a 36-story apartment building at ul 49 East 34th Street With The capital of Morgenstern AND HIG Capital for $68 million. The building has a commercial part with an area of ​​2,700 m2 on the ground floor.

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In a statement, vice president of Affinius Capital Perry Katz said his company anticipates continued demand in Murray Hill for prime multifamily assets.

“Knox is a high-quality, modern multifamily building in the Murray Hill neighborhood, chosen by young professionals and families alike for its convenient location, excellent transportation connections and a variety of amenities,” Katz said.

It is located between Madison and Park Avenues, a block and a half east of Empire State BuildingThe Knox was built in 2009 by The capital of the Esplanade as a long-stay hotel. It was purchased by CIM Group for $54 million at a foreclosure auction in 2011 after Esplanade defaulted on $76 million in loans, The real deal reported.

Shortly thereafter, an investigation by the state attorney general into the property found that CIM was operating the building as an illegal hotel while claiming the affordable housing tax credit under Act 421a. As CO previously reported, CIM reached a settlement with the attorney general in 2015 and agreed to pay $4.4 million for the violation.

After converting it into a residential building, CIM put it up for sale in 2017, and Morgenstern and HIG bought it the same year for $80 million, according to TRD and property records.

Four Winds Real Estate did not respond to requests for comment.

Brian Pascus can be contacted at: [email protected]

Nicholas Rizzi contributed to this article.