NEW YORK CITY — Newmark Group Inc. and Greystone Capital Advisors have arranged $560 million in floating-rate debt for the refinancing of 3ELEVEN, a 60-story high-rise community located just south of Manhattan’s Hudson Yards district. Ares Management and Douglaston Development were the borrowers.
Jordan Roeschlaub and Nick Scribani of Newmark, in collaboration with Jonathan Firestone, Drew Fletcher, Paul Fried and Bryan Grover of Greystone Capital Advisors, arranged the debt. The financing will repay the HSBC construction loan.
3ELEVEN comprises 938 apartments in studio through three-bedroom layouts. Community amenities include a pool with cabanas, fitness center with yoga studio, theater, coworking spaces, conference rooms, music practice rooms and multiple outdoor gathering areas, including a terrace on the 42nd floor and multiple dog runs. The project was announced in summer 2019 and completed construction in summer 2023.
The property benefits from a 35-year tax abatement in exchange for reserving a portion of the units for affordable housing. Income restrictions for these units were not disclosed. Clinton Management is the property manager for 3ELEVEN.