Affinius Capital Provides $52M Acquisition Loan on $68M NYC Apartment Purchase
Four Winds Real Estate closed on purchasing The Knox, a 110-unit mixed-use property Manhattan, last month
By Brian Pascus June 11, 2024 3:07 pm
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Four Winds Real Estate has secured $52 million in financing to acquire The Knox, a 110-unit mixed-use property in Manhattan, Commercial Observer has learned. Affinius Capital originated the financing.
CO reported last month that Four Winds Real Estate closed a deal to buy the 36-story apartment building at 49 East 34th Street from Morgenstern Capital and HIG Capital for $68 million. The building includes 2,700 square feet of ground-floor retail.
In a statement, Affinius Capital Vice President Perry Katz said that his firm anticipates continued demand in Murray Hill for top multifamily assets.
“The Knox is a high-quality, contemporary, multifamily building in the Murray Hill neighborhood which has been favored by young professionals and families alike due to its convenient location, excellent transportation links, and diverse amenities,” said Katz.
Located between Madison and Park Avenues a block and a half east of the Empire State Building, The Knox was built in 2009 by Esplanade Capital as an extended-stay hotel. It was purchased by CIM Group for $54 million in a 2011 foreclosure auction after Esplanade defaulted on $76 million in loans, The Real Deal reported.
Shortly afterward, an investigation by the state attorney general into the property found that CIM was running the building as an illegal hotel while claiming a 421a affordable housing tax break. CIM settled with the attorney general in 2015 and agreed to pay $4.4 million for the infraction, CO previously reported.
After converting it to residential, CIM put the building on the market in 2017, and Morgenstern and HIG picked it up for $80 million that year, according to TRD and property records.
Four Winds Real Estate did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
Nicholas Rizzi contributed reporting to this article.
