The owner of 685 First Ave. refinanced and recapitalized the apartment building in a deal that values the tower at $450 million, a 16% increase from its 2022 sale price.
Owner GO Partners, which is a joint venture between Josh Gotlib and Meyer Orbach, landed roughly $240 million in financing from Apollo Global Management, according to people familiar with the matter who asked not to be identified citing private information. RXR and Macquarie Capital were also part of a recapitalization of the building, some of the people said.
A Newmark Group team including Adam Spies, Adam Doneger, Jordan Roeschlaub and Nick Scribani worked on the deals. Representatives for GO Partners, RXR, Macquarie, Apollo and Newmark declined to comment.
Gotlib and Orbach’s venture purchased the property in 2022 from the Soloviev Group for nearly $390 million. The building has apartments ranging from studios to three-bedroom units, and amenities including a pool and sauna room, according to its website.
Investors have been eager to bet on Manhattan housing given a shortage that has helped keep rents high. Spitzer Enterprises and Winter Properties are exploring a sale of a luxury apartment building near Central Park that could be worth as much as $1 billion.
GO Partners has also worked with RXR before. In 2022, the venture brought in RXR as an equity partner on purchases of three Manhattan apartment towers, buildings that had been previously owned by the Soloviev Group.
