Historic Turtle Bay Towers Gets $32M Capital One Loan


Manhattan-based FirstService Residential, formerly Cooper Square Realty, has landed a $32 million Freddie Mac-secured mortgage from Capital One for a 338-unit cooperative building at 310 East 46th Street, according to city records.

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FirstService, the management company for Turtle Bay Towers, is listed as the borrower in property records. The debt will be used for future capital improvements and repairs, according to a source with close knowledge of the transaction. The financing carries a fixed-rate and a 15-year term.

Jonathan Smith, a vice president in Capital One’s commercial real estate group, took the lead on the origination. A spokesman for the bank declined to comment on the deal.

The 26-story, 253,256-square-foot tower, which sits between First and Second Avenues, was originally constructed as a commercial building in 1929 and has been occupied by a range of tenants, from the American Community School of Beirut to a printing plant, until 1974, according to the property’s website. After a gas explosion in 1974, the property was vacated and needed repairs. The Elghanayan family purchased the building in 1975 from the Brause family, city records show, and completed a residential conversion in 1979.

The property housed rentals until 1988, when it was converted into a co-op. TF Cornerstone, led by K. Thomas and Frederick Elghanayan, still owns the 1,600-square-foot retail on the ground floor of the building.  

There are currently two units under contract in the buildinga 1,100-square-foot two-bedroom and a 1,040-square-foot two-bedroom, selling for $1.2 million and $1.3 million, respectively, according to StreetEasy.

The building has an independently operated garage on East 46th Street, a roof deck and storage spaces available for rent.
A representative for FirstService did not respond to a call for comment.