Värde Partners Lends $97M on Hudson Yards Luxury Rental

Credit and investment firm Värde Partners just provided a $96.5 million loan for the Lewis, a luxury multifamily property at 411 West 35th Street between Ninth and Tenth avenues in Hudson Yards. 

Newmark’s Jordan Roeschlaub, Nick Scribani, Adam Doneger, Ricky Braha and Sam Speciale secured the financing on behalf of the property’s owners and developers Joy Construction, Maddd Equities and Drew Katz. 

Drew is the son of the late philanthropist Lewis Katz, the building’s namesake and a one-time part owner of both the New Jersey Nets and the New York Yankees. The elder Katz died in a plane crash in 2014, just one week after he and a partner won an auction to take ownership of the Philadelphia Inquirer, Philly.com and the New York Daily News.

The 124,004-square-foot Lewis offers 186 units from studios to two-bedrooms. Amenities include a 24/7 concierge service, a fitness center with complimentary yoga classes, several outdoor terraces and residence lounges on every floor. 

Studios at the Lewis rent for $3,495 to $4,492 a month; one-bedrooms go for $5,107 to $5,848 a month; and two-bedrooms rent for $7,781 a month according to StreetEasy, which quotes them as base rent figures. The property also has 27,245 square feet of commercial space spanning three currently occupied retail units.

Larry Getlen can be reached at lgetlen@commercialobserver.com.