Benchmark refinances East Village rental property with $44.5M Citi loan

NEW YORK, June 30, 2026 – JLL Capital Markets announced today that it arranged a $44.5 million financing for 194 East 2nd St., a 61-unit luxury multi-housing property with ground-floor retail located in Manhattan's East Village.

JLL worked on behalf of the borrower, Benchmark Real Estate Group, the New York-based company led by Jordan Vogel and Aaron Feldman. Citi provided the funding.

Located at the corner of East 2nd Street and Avenue B, the six-story property contains 61 residential units and approximately 15,450 square feet of retail space. Benchmark acquired the property in 2024 and undertook a significant renovation program that included upgrades to residential units, common areas, lobby and amenity spaces.

The building now features a full-service amenity package that includes a 24-hour attended lobby, fitness center, infrared sauna, yoga and Pilates room, resident lounge and landscaped courtyard. The property is unique within the submarket as the only boutique luxury rental building in the East Village featuring both an elevator and attended lobby. National credit tenant Duane Reade anchors the 10,000-square-foot ground-floor retail space under a long-term lease.

The JLL Debt Advisory Team was led by Managing Director Michael Zaremski, Senior Director John Flynn and Director Clayton Ross.

"Demand for high-quality multifamily assets in Manhattan continues to be driven by exceptionally strong operating fundamentals, limited new supply and sustained renter demand," said Zaremski. "194 East 2nd St. represents a rare combination of institutional-quality amenities, durable cash flow and meaningful long-term value creation opportunities."

Situated at the intersection of the East Village and Lower East Side, 194 East 2nd St. offers residents immediate access to some of Manhattan's most desirable dining, entertainment and retail destinations, along with convenient connectivity to multiple subway lines and nearby New York University.

"This transaction is a compelling example of how the debt capital markets are evolving to meet sponsor demand for well-leased, institutional-quality," said Ross. "Citi's multifamily-only CMBS portfolio creates a more efficient execution path for sponsors like Benchmark who own high-quality, stabilized properties."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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Founded in 2009, Benchmark Real Estate Group is a vertically integrated investment firm specializing in the acquisition, development, repositioning, and management of residential and commercial real estate. The firm applies a disciplined, research-driven approach to sourcing durable value across supply-constrained markets, supported by in-house execution capabilities spanning the full investment lifecycle. Visit www.benchmarkrealestate.com

Citigroup is a leading multinational investment bank and financial services corporation headquartered in New York City. Tracing its roots back to the City Bank of New York founded in 1812, it operates as a preeminent global financial institution with a presence in over 180 countries and jurisdictions. Visit www.citigroup.com