
Manhattan, NY Michael Bivona, managing director of Victory Capital, Inc. arranged a $10 million refinancing of a hospitality property on Lexington Ave. The subject property is located in NoMad, a neighborhood bounded by Chelsea. The hotel is a seven-story building that has a total of 50 guest rooms. It is a 21,283 s/f building and was built in 1910.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,