61 Ninth Avenue
This $161M refinance at 61 Ninth Avenue in the Meatpacking District represents a high-quality institutional transaction backed by two exceptionally well-credentialed sponsors — Steven Roth of Vornado Realty Trust, one of NYC's most prominent public REITs, and Bobby Cayre of Aurora Capital Associates, a seasoned NYC mixed-use owner-operator. The lender, UBS, is a major global financial institution with a demonstrated appetite for Meatpacking District mixed-use assets, having recently provided a comparable $135M refinance at 33 Ninth Avenue for Midtown Equities in 2025, which strongly validates market demand and UBS's comfort with this submarket. The Meatpacking District commands among the highest retail and office rents in Manhattan, with strong tech and luxury tenant bases supporting income stability. The implied DSCR of approximately 1.05x per the deal calculator is on the thin side but is consistent with a stabilized, high-value asset in a low-cap-rate environment where property values support the loan basis. No distress indicators, liens, litigation, or defaults are present, and the Walker & Dunlop brokerage team collectively represents over $160B in transaction volume, underscoring the institutional caliber of this execution.
Deal Stats
Parties
No party information available for this deal.
Score Analysis
Why this score
Sponsor Credibility
Vornado Realty Trust and Aurora Capital Associates represent top-tier institutional ownership with deep NYC mixed-use expertise and capital strength.
Lender Precedent
UBS's recent $135M comparable refinance at 33 Ninth Avenue demonstrates validated lender appetite and comfort with Meatpacking District risk profile.
DSCR Tightness
The 1.05x implied DSCR provides minimal debt service cushion and leaves limited room for income volatility or expense increases.
Submarket Strength
Meatpacking District commands top-tier Manhattan retail and office rents with diversified tech and luxury tenant bases supporting stable cash flow.
Pricing Efficiency
The $1,542/SF valuation reflects market-rate pricing for stabilized Meatpacking mixed-use assets in the current low-cap-rate environment.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Document DSCR expansion pathway
Quantify near-term rent growth or expense management initiatives to demonstrate DSCR expansion toward 1.15x+ within 12-24 months.
Highlight tenant diversification metrics
Disclose tenant concentration limits, lease maturity stagger, and year-over-year rent growth by tenant category to mitigate income stability concerns.
Stress-test market resilience
Present historical occupancy and rent data for comparable Meatpacking assets during economic downturns to reinforce recession-resistant positioning.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Mixed Use Loan 61 Ninth Avenue Bobby Cayre Of Aurora Capital Associates And Steven Roth Of Vornado Realty Trust Secure $161M Refinance Loan FINANCED $161,000,000 + 6 Mixed-use Financed 3 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Transaction Type: The property asset involved in this transaction is a mixed-use development located at 61 Ninth Avenue in the Meatpacking District. The loan amount for the refinance is $161,000,000. Summary of transaction details: Property Type: Mixed-use Transaction Amount: $161,000,000 Lender: UBS Landlord: Bobby Cayre - Aurora Capital Associates & Steven Roth - Vornado Realty Trust Brokers: Aaron Appel, Dustin Stolly, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Jordan Casella & Stanley Cayre - Walker & Dunlop Loan Type: Refinance See More Players All 10 Brokers Landlords | Tenants Lenders Aaron Appel 189 deals $31.9B volume BROKER Dustin Stolly 263 deals $49B volume Jonathan Schwartz 164 deals $26.9B volume Keith Kurland 169 deals $29.1B volume Adam Schwartz 159 deals $25.3B volume (646) 491-8869 Stanley Cayre 11 deals $2B volume (917) 613-8038 Jordan Casella 18 deals $3.5B volume UBS LENDER Steven Roth 44 deals $4.4B volume LANDLORD Bobby Cayre 12 deals $981.4M volume Details Deal Summary IMAGE: Aaron Appel, Jonathan Schwartz, Dustin Stolly, Keith Kurland, Steven Roth, Adam Schwartz, Bobby Cayre, Stanley Cayre & Jordan Casella DATE: 5/11/2026 ADDRESS: 61 Ninth Avenue MARKET: Meatpacking District ASSET TYPE: Mixed-use LENDER: UBS LANDLORD: Steven Roth - Vornado Realty Trust (@VornadoRealtyTrust) & Bobby Cayre - Aurora Capital Associates (@AuroraCapitalRE) BROKERS: Aaron Appel, Dustin Stolly, Jonathan Schwartz (@JSchwa1386), Keith Kurland (@KaKurland), Adam Schwartz (@AdamSchwartz88), Jordan Casella & Stanley Cayre (@Stanley_Cayre) - Walker & Dunlop (@WalkerDunlop) LOAN AMOUNT: $161,000,000 LOAN TYPE: Refinance Email New York | @tradedny Comps These are similar deals based on proximity and similarity to the subject deal. UBS Provides $135 Million Loan To Midtown Equities For Meatpacking District Property Refinance New York | Mixed-use | PPSF: $1542 07/08/2025 Midtown Equities Secures $135 Million Refinance Loan From UBS For 33 9th Avenue 02/03/2025 Square Mile Capital Provides $183M Construction Financing For Mixed-Use Development In Chelsea New York | Mixed-use | PPSF: $4632 07/16/2021 William Jemal Of JJ Operating Secures $185M Refinance Loan From Marc Rowan Of Apollo Global Management New York | Mixed-use | PPSF: $1112 04/11/2025 Bromley Companies Secures $170M Loan For Mixed-Use Property At 122 Fifth Avenue New York | Mixed-use | PPSF: $566 + 3 12/05/2021 Williams Equities Secures $155M CMBS Loan For Mixed-Use Property In Chelsea New York | Mixed-use | PPSF: $134 04/09/2024 Lalezarian Properties Secures $170M Construction Loan For Mixed-Use Project At 606 West 30th St New York | Mixed-use | PPSF: $536 12/08/2021 Maxim Capital Group Provides $117.5 Million Loan For Mixed-Use Development At 430 West 37th Street New York | Mixed-use | PPSF: $719 09/04/2024 Bank Of China Lends $166M For Mixed-use Property At 565 Broome Soho New York | Mixed-use | PPSF: $37471 + 1 11/13/2019 Wells Fargo Provides $184M Loan For Mixed-Use Property At 66 West 38th St. & 400 West 55th St New York | Mixed-use | PPSF: $4166 02/20/2019 Contact Get in touch with the broker you want Select Brokers Stanley Cayre, Dustin Stolly, Keith Kurland, Adam Schwartz, Aaron Appel, Jonathan Schwartz, Jordan Casella, Steven Roth, Bobby Cayre Name Phone (optional) Message I'm an agent Similar Lenders These are similar lenders of Mixed-use properties in this price ra Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. NEW! Search No recent news available for this market No active listings available for this market Suggestions Analyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results. Deal Type SALE LOAN LEASE Property Value Current Loan Balance Net Operating Income (Annual) Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Reset Debt Service Coverage Ratio (DSCR) 1.05x Max Loan Amount $161,000,000.00 Monthly NOI $1,073,333.33 Monthly Debt Service $1,017,629.52 Change in Cash Flow $0.00 Refinance Proceeds Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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