The Aire

The Aire, a new addition to the Upper West Side, received a $216 million bridge loan following its acquisition by Gotham Organization and Carlyle Group. The loan, from MF1 Capital, exceeded the initial request due to competitive financing conditions. Gotham and Carlyle purchased the property for $265 million, addressing issues faced by the previous owner, including a significant tax bill increase. CBRE facilitated the financing, with rental income covering 87 percent of previous borrowing costs. Despite supply constraints in New York’s rental market, high-interest rates have led owners to seek costlier debt.