$35M Wells Fargo Loan for New York Apartments Refinanced By Solly Assa

Median rents in New York City have hit record highs, and the demand for more luxury rentals has been pressing on. Assa Properties has been a main contributor in alleviating the pressure for new luxury rental apartments in Manhattan.

Entities associated with Solly Assa, CEO of Assa Properties upscale Real estate owner and Developer, has Refinanced Wells Fargo’s $35M Loan. The loan financed an upscale property just off Bryant Park and off 5th avenue at 70 W 45th St, with loans from HSBC Bank, InterAudi Bank, HAB Bank and CIBC Bank.

‘Solly Assa did a very good job with paying off the loan. Given the fact that he had to coordinate with 5 lenders to get everyone on the same page.’ -Aldrin Buenaventura, Wells Fargo.

Median rents have reached historical highs in Manhattan, and this being due to the strong job market and low supply of rentals.

The Real Deal Realestate News mentioned that population growth has pushed New York rental property construction 10 years behind; REBNY’s head of planning, Basha Gerard told NY1. The report goes on to say boroughs like Brooklyn and Queens hit the second highest median rents ever on record. RentCafe calculated that New York promised to deliver the most new rental properties over any metro at 28,000. Yet it failed to satisfy demand. The new developments may relieve some of the pressure on supply, but not rents decline.

CNBC sources reported that rents have risen by 15% to $4,097 from last January; highest ever in January, Douglas Elliman and Miller Samuel. Average rent in Manhattan now sits at $5,142. Inventory remains low at 2.5% last month, below the 3% that is more typical for Manhattan. Experts and analysts do not expect rents to fall, because affluent participants in the market are still willing to pay soaring rates.

“1 in 5 luxury rentals led to a bidding war January 2023.” -Joshua Young, Executive Vice President and managing director of sales and leasing at Brown Harris Stevens. 

Affluent New Yorkers in the high end rental market can now look to the newly refurbished 100,00 sq ft Midtown collection. Assa properties promises a sanctuary above the clouds. It’s crown jewel being a three level 8,200 sq ft sophisticated sky manor listed at $50,000,000. With it’s iconic views of the city at every level, and lavish amenities renters will be flocking to secure these homes. Assa properties has cultivated a well rounded hub for residence. The development also includes exclusive fine dinning at it’s street level. That being it’s alluring celeb hang out Butter- curated by the culinary artistry of Exec Chef and food network star, Alex Guarnashcelli.

ASSA Properties, CIBC, Habib America Bank officials did not immediately respond to requests for comment.