The Carlyle Group and Gotham Organization have secured new financing for the Aire, a luxury rental building located at 200 West 67th Street in Lincoln Square. According to Crain’s, Natixis has provided a $260 million floating-rate loan to refinance the property. The funds will be used for apartment renovations and upgrades to amenities, including improvements to the fitness center and enhancements to a fourth-floor terrace featuring grills, a bar, and a firepit.
CBRE’s Lawrence Britvan and Michael Straw arranged the refinancing transaction.
Previously, Carlyle and Gotham obtained a $216 million bridge loan from MF1 Capital related to their acquisition of the Aire. The two firms purchased the 43-story, 310-unit building early last year from A&R Kalimian Realty for $265 million—approximately $855,000 per unit. One-bedroom apartments in the building rent for over $5,000 per month. Despite high occupancy rates near the end of 2022, Moody’s reported that rental income covered only 87 percent of borrowing costs for the previous owner.
Current listings show strong occupancy with just six available units on the property website.
The prior owner faced challenges when a $194 million mortgage matured in November 2023. Additionally, the expiration of a decade-long tax abatement led to an increase in annual property taxes to $6.6 million. These financial pressures contributed to Albert Kalimian defaulting on his mortgage and ultimately selling the property.
Kalimian had acquired the site from the Red Cross in 2004 for $72.3 million and opened it as a rental building six years later. The Aire also includes retail spaces such as a Polestar electric car dealership.
Earlier this week, Carlyle was also reported to have sold another residential asset—a 12-story apartment building in Dumbo—to Hubb Properties for $85 million.
