Avison Young arranges loan refinancing of The Murray Hill, a 197-unit multifamily property at 115 East 34th Street, for The Zucker Organization

New York, NY – Avison Young, a global commercial real estate advisor, has arranged a $55 million first mortgage refinancing of The Murray Hill, a 197-unit apartment building at 115 East 34^th Street in Manhattan’s Murray Hill neighborhood for an affiliate of owner/developer The Zucker Organization. The 21-story property is well-located between Park and Lexington Avenues and a short walk to both Grand Central Terminal and the Flatiron District. 

The Zucker Organization was represented by Avison Young’s Tri-State Debt & Equity Finance Team, led by Principal & Co-Lead, Scott A. Singer, Executive Director, Kevin Swartz, and Associate Director, Andrew McNulty. The team arranged the 10-year loan with John Hancock Life Insurance Company, a subsidiary of Manulife, and the proceeds will be used to repay the existing loan.  The Murray Hill is managed by Manhattan Skyline Management Corp, a division of The Zucker Organization.

“The successful refinancing of The Murray Hill, which The Zucker Organization developed nearly 45 years ago, is a testament to our ongoing stewardship of the building and its continued popularity with young professionals, students and families alike,” said Daniel Lederman, Executive Vice President, The Zucker Organization. “We are happy to have formed a new relationship with John Hancock while further strengthening our ongoing partnership with the Avison & Young Tri-State Debt & Equity Finance Team. We appreciate both teams’ willingness to get this transaction across the finish line within an expedited timeframe during the holiday season.”

Units at The Murray Hill range from studios to three bedrooms, offering spectacular skyline views, private balconies, open kitchens with custom cabinetry, granite counters, and stainless steel appliances. Amenities include a 24-hour attended lobby, an onsite resident manager, a fully-furnished and landscaped rooftop sundeck offering incredible views in all directions, a fully-equipped fitness center, resident lounge, landscaped private garden, bike storage, and laundry room. The building was developed by The Zucker Organization in 1980.

Since its founding in 1961, The Zucker Organization has followed a clear consistent approach to the development, construction, investment, financing, acquisition, and management of residential and commercial real estate, becoming one of the New York City’s most prominent developer, owner, and management firms.