U.S. Bancorp Loans Amstar Group $71M to Buy Hudson Yards Building

Amstar Group has secured $71 million in acquisition financing to buy Henry Hall, a 33-story, 225-unit luxury apartment complex in Manhattan’s Hudson Yards. 

Amstar purchased the building from a joint venture led by Shorenstein Investment Advisers and Dreamscape Companies for $129 million, according to Bloomberg, which first reported news of the sale. 

U.S. Bancorp provided the acquisition debt, which was arranged by JLL Capital Markets’ Geoff Goldstein and Christopher Pratt. JLL’s Rob Hinckley, Jeffrey Julien, Steven Binswanger, Steven Rutman and Devon Warren arranged the sale. 

“There is significant liquidity in the debt capital markets today, particularly for incredible assets like Henry Hall,” said Goldstein in a statement. “[U.S. Bancorp] recognized the strengths of Henry Hall and Amstar as an owner and delivered a competitive financing solution.”

Located at 515 West 38th Street, Henry Hall opened in 2017 and includes studios to two-bedrooms, along with 12,500 square feet of ground-floor retail. Amenities within the building include an outdoor terrace, a double-height lobby, a fitness center and a music studio. 

The building was partially financed through New York’s 421a tax abatement program, which reserves a portion of units for affordable housing. The building houses numerous luxury apartments, with rents for two-bedrooms reaching more than $10,000 per month, according to StreetEasy. 

Amstar Group did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com.