Cushman & Wakefield arranges refinancing of 352-unit 88 Leonard St.

Manhattan, NY Cushman & Wakefield served as the exclusive advisor to an affiliate of Jamestown in the refinancing of 88 Leonard St., a 21-story, 352-unit multifamily property in Tribeca. The loan was provided by a European bank.

A Cushman & Wakefield equity, debt & structure finance team of John Alascio, Alexander Hernandez, Meredith Donovan and Gideon Gil represented the borrower.

“We are thrilled to have advised on the refinancing of 88 Leonard St., a premier luxury property in the heart of Tribeca,” said Alascio. “With its prime positioning in one of New York’s most sought-after neighborhoods, combined with strong occupancy rates and exceptional amenities, this property remains a compelling investment opportunity with significant income growth potential.”

“The highly-desirable Jamestown sponsorship coupled with the appeal of making a large multi-family loan in supply constrained Manhattan market resonated with the lending community,” said Hernandez.

88 Leonard St. includes 352 rental units, offering a mix of studios, one-bedroom, two-bedroom and three-bedroom apartments. The property features a rooftop terrace, outdoor pool and lounge area, dog exercise area, doorman and concierge. It also includes a parking garage and 11,365 s/f of retail space.

88 Leonard St. is located within walking distance of one-third of all New York City subway lines, providing easy access to the city and beyond. The property is a 10-minute walk from the West Side Highway and Hudson River Park.