Manhattan Park Owner Takes $233M Loan on Roosevelt Island

Roosevelt Island Associates, the landlord behind the Manhattan Park rental complex at 40 River Road, recorded a $233,056,225.05 loan agreement with Fannie Mae and Capital One Multifamily Finance. The document, filed under ACRIS ID 2026072100571001 against Manhattan block 1373, lot 1, was dated July 1, 2026 and recorded August 21, 2026, with Roosevelt Island Associates listed at its longtime address care of Starrett Corporation at 70 East 55th Street.

Why it matters

Manhattan Park is one of the largest rental complexes on Roosevelt Island, and a nine-figure agreement against it is a signal on the whole island’s capital stack, not just one landlord’s balance sheet. Starrett Corporation built the complex in the 1980s as half-owner of Roosevelt Island Associates before selling part of its stake in 1989, and the same ownership entity is still the borrower of record nearly four decades later. A loan of this size, placed with Fannie Mae alongside Capital One Multifamily Finance, points to a stabilized multifamily asset refinancing rather than a distressed one, since agency lenders set their terms around cash-flowing rent rolls.

The numbers

The recorded amount is $233,056,225.05, an unusually precise figure for a loan agreement rather than a round mortgage number. Manhattan Park totals 1,107 apartment units across its buildings at 10-40 River Road, with 223 of them, roughly 20%, set aside as Section 8 affordable housing and the remainder at market rate, according to Pembroke Companies’ portfolio listing for the property. The document lists two lender parties, Fannie Mae and Capital One Multifamily Finance, alongside an affiliated Capital One, National Association entry.

What’s next

The size and the agency-lender pairing point to Roosevelt Island Associates locking in long-term financing on a complex it has controlled since the 1980s, rather than preparing to sell it. What happens to the 223 Section 8 units under new loan terms, and whether Roosevelt Island Operating Corporation’s ground-lease structure factors into the deal, are the open questions for New York housing watchers. The filing lands the same week as Extell’s $286.8 million Park Avenue assemblage loan, another sign that large agency and bank lenders are actively pricing Manhattan multifamily and office-adjacent assets this quarter.