Ranco Capital JV Lands $115M for Manhattan Project

A joint venture between Ranco Capital and the Gilardian Family—owner of Gilar Group—has secured a $115 million refinancing loan for a 160-unit luxury multifamily project at 162 E. 36th St., in Manhattan.

Affinius Capital issued the note, in a transaction arranged by Galaxy Capital Partner Henry Bodek. The loan proceeds will be used to finalize the development and stabilize occupancy.

The upcoming 22-story tower will feature 87 studios, 46 one-bedroom units and 27 two-bedroom apartments, as well as 3,700 square feet of ground floor retail space. Shared amenities will include a rooftop lounge, a fitness center with sauna, a resident’s club, a pet spa, coworking spaces and rentable storage space.

Developed in Manhattan’s Murray Hill neighborhood, the high-rise will stand at the corner of Third Avenue and East 36th Street, three blocks east of the Empire State Building. Grand Central Terminal is half a mile north.

Manhattan pipeline lags behind

In the first 11 months of 2025, developers completed 2,678 multifamily units across Manhattan, accounting for 0.8 percent of existing stock, according to a recent Yardi Matrix report. The figure was 200 basis points below the national average and 424 units less than the amount of residences completed during the same time frame in 2024.

As for new multifamily construction, the borough had 13,234 apartments underway through November and another 45,000 units in the planning and permitting stages. Construction starts in the first 11 months of 2025 amassed to 6,468 residences across 16 projects, marking a significant increase from the 4,848 units across 19 developments that broke ground in 2024.