BNY Mellon Lends $24M on Kips Bay Luxury Residential Property
By Mack Burke February 26, 2019 4:10 pm
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The Bank of New York Mellon has provided Ogden Cap Properties with a $24 million bridge loan for its two-tower, luxury residential high-rise Windsor Court in Kips Bay, Manhattan, city records show.
The $24.2 million gap mortgage went toward financing Ogden’s 31-story apartment building at 151 East 31 Street, between Lexington and Third Avenues and with an alternate address of 135-155 East 31st Street.
Windsor Court comprises 520,000 square feet of residential space and 16,000 square feet of retail space on its ground level.
Its residential component houses 708 apartments: 400 one-bedroom units, 195 two-bedroom units and 113 studios, according to CoStar Group. GNC occupies 10,000 square feet of its retail space, while a Chase Bank branch leases 1,000 square feet.
Units at the location average 793 square feet, according to CoStar, and monthly rents range from around $2,985 per month for studios to $4,595 per month for two-bedroom units, according to listings on Ogden’s website.
The property sports valet service and a private driveway; a 24-hour, 141-car attended garage; a health club with a pool and sun deck; and a bicycle room, according to the property’s website.
New York-based Milstein Properties‘ former heads Paul and Seymour Milstein erected Windsor Court in 1988. A family dispute led to their children splitting the family’s holdings in two, with Windsor Court being taken by Seymour’s children Connie and Phillip, according to a 2010 profile of the family by The Real Deal.
In a 2003 settlement following Seymour’s death, Philip and Connie founded Ogden Cap Properties to manage their share of the Milstein family’s holdings, which included Windsor Court, Normandie Court, One Lincoln Plaza, Dorchester Towers and Milford Plaza.
A spokesman for BNY Mellon did not immediately respond to an inquiry, and officials at Ogden were not available for comment.
