Citi has provided a $44.5 million loan secured by a luxury multifamily property with ground-floor retail at 194 E. 2nd St. in Manhattan’s East Village. JLL Capital Markets arranged the financing on behalf of the borrower, Benchmark Real Estate Group, a New York-based firm led by Jordan Vogel and Aaron Feldman.
The property, located at the corner of East 2nd Street and Avenue B, comprises 61 residential units above approximately 15,450 square feet of retail space. The six-story building offers luxury apartment homes positioned in a prime East Village location, supported by a retail component at street level.
JLL’s capital markets team for the transaction included managing director Michael Zaremski, senior director John Flynn and director Clayton Ross. The group represented Benchmark Real Estate Group in sourcing and arranging the financing from Citi.
Benchmark acquired 194 E. 2nd St. in 2024 and has since implemented a substantial renovation program at the property. That effort has focused on upgrades to the residential units, improvements to common areas, and enhancements to the lobby and amenity spaces, positioning the asset as an updated, modern offering within the East Village multifamily market.
In discussing the financing, Zaremski noted that demand for high-quality multifamily assets in Manhattan remains supported by strong operating fundamentals, a constrained pipeline of new supply and ongoing renter demand. He described 194 E. 2nd St. as combining institutional-caliber amenities with durable cash flow and potential for long-term value creation.
The loan from Citi, arranged by JLL, reflects lender appetite for renovated, well-located multifamily assets in Manhattan neighborhoods such as the East Village. With its mix of luxury housing and ground-floor retail, the property sits at the intersection of residential and street-level commercial demand in a densely populated urban context.
Benchmark Real Estate Group continues to own the asset following its 2024 acquisition and capital improvement campaign. The new financing supports the ownership’s business plan for the property, which is positioned as a luxury multifamily offering complemented by upgraded shared spaces and improved building features.
The transaction highlights the role of institutional lenders and intermediaries in providing capital for renovated multifamily product in established Manhattan submarkets, where limited new development and steady renter demand contribute to the investment thesis for existing properties such as 194 E. 2nd St.
