Vanbarton Gets $280M Refi for Manhattan Tower
Newmark secured the financing for the two properties.
Vanbarton Group has received a $280 million loan to refinance The Quincy and Hollingsworth, two Class-A multifamily properties totaling 455 units in Midtown Manhattan. Newmark brokered the deal and secured the financing from Invesco.
The two properties occupy the same 25-story building, with The Quincy comprising the converted office podium and The Hollingsworth encompassing the upper residential floors. Both feature market-rate multifamily residences and roughly 8,600 square feet of ground-floor retail. Amenities include a rooftop terrace, fitness studios, co-working spaces, resident lounges and 120 parking spaces, among others.
Newmark’s Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Christopher Kramer, Director Chris Lozinak and Senior Associate Capri Van Gilder—working alongside Co-Head of U.S. Capital Markets Adam Spies and Executive Vice Chairman Adam Doneger—arranged the loan.
READ ALSO: How the Nation’s Largest Office-to-Residential Conversion Came to Life
Vanbarton purchased Hollingsworth for $316 million from 990 Avamericas Associates back in 2018, according to Yardi Matrix data. Last year, the property became subject to a $180 million loan originated by Blackstone Group.
Located at 980 Sixth Ave., The Quincy occupies the former podium of a 1970s residential tower. The 65,000-square-foot space was previously home to a WeWork office and has since been converted into 75 residential units. The conversion was designed by Three Studio Architecture, with FMC Engineering PC and GMS Structural Engineers serving as engineers. The repositioning added a new lobby entrance and modern amenity spaces within the existing structure.
Completed in 1986, the community comprises studios, one- and two-bedroom floorplans ranging between 410 and 902 square feet. Located at 70 W. 37th St., Hollingsworth is within the Garment District submarket. The transit-oriented property is near Bryant Park and several transit connections.
Office-to-residential
The Quincy and Hollingsworth refinancing highlights Vanbarton’s continued focus on repositioning older commercial properties for residential use—a strategy that has become a defining component of the firm’s New York portfolio.
Vanbarton has been active in several notable office-to-residential projects in NYC, including the ongoing conversion of 6 East 43rd Street, a 27-story Midtown office building being redeveloped into 441 apartments. That project recently received $300 million in financing. The developer also delivered Pearl House in the Seaport district, a 30-story conversion and one of NYC’s major office-to-residential transformations.
Zoning changes under New York City’s City of Yes for Housing Opportunity proposal are also expected to accelerate adaptive-reuse activity, expanding the pipeline of potential office-to-residential conversions. The initiative adds further context to Vanbarton’s recent projects and the broader wave of redevelopment reshaping Midtown.
