Capital One Lends On Cammeby’s 1501 Lexington Avenue Purchase


1501 Lexington Avenue.
1501 Lexington Avenue.

Capital One (COF) Multifamily Finance provided a $59 million acquisition loan to Cammeby’s International for its purchase of a 12-story apartment building on Manhattan’s Upper East Side, city records show.

Rubin Schron’s real estate firm bought the property at 1501 Lexington Avenue from its developer, the New York-based Sigety family, for $92 million. The acquisition and financing both closed on May 12.

SEE ALSO: Brookfield’s 777 Tower Sale Falls Through: Sources

Meridian Capital Group Senior Managing Director Abe Hirsch and Managing Director Zev Karpel brokered the loan from Capital One.

The property, located at the corner of 97th Street, contains 160 rental units and 5,700 square feet of commercial space, including a ground-floor preschool.

The Sigety family completed 1501 Lexington Avenue about 15 years ago with construction financing from Dime Savings Bank of Williamsburgh, The Wall Street Journal reported in January.

A Capital One spokesman confirmed the transaction, but declined to comment further. Representatives for Cammeby’s could not be reached in time for publication.