Related Lands $100M to Refi Upper East Side Residential Tower
Tyko Capital provided the loan on the developer's 48-story The Strathmore property
By Andrew Coen January 27, 2025 12:39 pm
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Related Companies has secured a $100 million loan to refinance a multifamily tower on the Upper East Side, property records show.
Tyko Capital provided the loan for the developer’s 178-unit The Strathmore rental building at 400-410 East 84th Street, according to property records. PincusCo. first reported the deal, which closed on Dec. 27 and was made public Jan. 23.
Located at the corner of East 84th Street and First Avenue in the Yorkville neighborhood of the Upper East Side, the 48-story building encompasses 239,000 square feet with amenities including a fitness center, squash court, swimming pool and children’s playroom, according to the property’s website.
The apartment building opened in 1996 as a mixed-income rental building and was approved right before more restrictive city zoning laws that were passed in 1994 to prohibit tall slender buildings like the Strathmore on the Upper East Side around York and Third avenues between East 57th and East 96th streets, the New York Times reported at the time. The project received $60 million of bond financing from the New York State Housing Finance Agency, according to the Times.
Tyko Capital, which was launched in August 2023 as a joint venture between veteran debt broker Adi Chugh and hedge fund firm Elliott Investment Management, had an active late 2024, closing a number of high-profile Manhattan deals. This included lending on a $1.2 billion refinance loan with J.P. Morgan Chase for the One High Line condo development and supplying $357 million of construction financing for the office-to-residential conversion of the Flatiron Building.
Related did not immediately return a request for comment. Tyko Capital declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
