Dermot Lands $355M for Upper West Side Community

The Dermot Co. has secured a $355 million refinancing loan for its Class A, 616-unit multifamily tower at 21 West End Ave., in Manhattan’s Upper West Side. Mizuho Americas provided the note through the New York State Homes and Community Renewal agency.

Completed by The Dermot Co. in 2016, the 48-story tower is the first building within the Riverside Center master-planned project.

The mixed-use development will consist of 2,500 apartments, 210,000 square feet of retail, 150,000 square feet of K-8 school space and a 250-room hotel across five buildings between West 59th and 61st St., upon full build-out.

New York City investors and developers are currently tied in a holding pattern, GAIA Real Estate CEO Danny Fishman told Multi-Housing News, as recent housing policies under the city’s new administration create uncertainty regarding property taxes and rent regulation. This uncertainty comes with its risks, pushing lenders to structure deals more conservatively.

The luxury tower at 21 West End Ave.

The property features studio, one-, two- and three-bedroom residences, ranging from 412 to 1,185 square feet. Out of the total number of apartments, 127 are reserved as affordable.

The 30,000 square feet of amenity space include a fitness center, an indoor pool, resident lounges, children’s playroom and indoor and outdoor gathering spaces. SLCE Architects served as the architect for the high-rise.

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The property is three blocks west from Park Central and two blocks from Julliard and the Lincoln Center for the Performing Arts. Additionally, the residential property is close to New York State Route 9A and the subway stations at Columbus Circle and Lincoln Center.

The present transaction quickly follows another refinancing deal secured by The Dermot Co. in March. The company received $283 million for its 35-story, 502-unit residential tower at 101 West End Ave., two blocks north of 21 West End Ave.