JLL Capital Markets recaps Lower East Side multi-housing property on behalf of AMAC

NEW YORK, Oct. 15, 2025 – JLL Capital Markets announced today that it has arranged a $56 million recapitalization and $30.9 million financing for 10 Rutgers St., an eight-story, 83-unit luxury multifamily property with ground-floor retail located in the Two Bridges neighborhood of Manhattan’s Lower East Side.

JLL represented Sponsor AMAC, a Manhattan-based real estate investment owner, operator and investor operator and developer AMAC, in recapitalizing the property with Tokyu Land US Corporation (TLUS), a division of Japan-based Tokyu Fudosan Holdings Group. JLL also advised on the financing on behalf of the new collective sponsorship with Japan’s Mitsubishi UFJ Financial Group, Inc. (MUFG).

Originally built in 2001, 10 Rutgers St. features a mix of one-, two- and three-bedroom units along with 6,357 square feet of fully occupied ground-floor retail. AMAC completed a major renovation of the property in 2020, upgrading interiors with high-end finishes, including custom wood cabinetry, stainless steel kitchen appliances and white oak flooring. Additionally, the property features a fully equipped fitness center, serene courtyard and 24-hour doorman service.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Rob Hinckley and Jeffrey Julien and Managing Directors Steven Rutman and Guthrie Garvin. Debt Advisory was handled by Managing Directors Lauren Kaufman and Michael Shmuely and Director John Flynn.

Hinckley said, “By recapitalizing 10 Rutgers at a basis well below replacement cost, AMAC has unlocked liquidity for its investors while positioning the property along with Tokyu for future growth and appreciation. Rising construction costs and limited supply mean existing, well-located fair market multifamily buildings are only becoming more valuable and this transaction positions the new ownership group to take advantage of both asset and market level dynamics for the long term."

“10 Rutgers is a unique asset within one of NYC’s most vibrant and exciting neighborhoods. Tokyu is a top-tier real estate investment firm, and we are thrilled to partner with them on the ownership and future of the asset," added Maurice Kaufman, AMAC’s Managing Partner.

Ben Cherney, EVP of US Investments for Tokyu Land US Corporation, stated, "TLUS is excited to partner with the AMAC team on TLUS’ third multifamily investment in New York in the past 12 months. We continue to see New York market-rate multifamily as one of the most attractive opportunities in the market today. Our mandate is to continue deploying capital in this strategy and expand our portfolio with similar properties."

10 Rutgers St. benefits from a prime transit-oriented location immediately adjacent to the East Broadway F Train station, offering residents easy access to both Midtown Manhattan and Downtown Brooklyn. Seward Park, a 3.4-acre neighborhood park with basketball courts, volleyball courts and playgrounds, is located directly across the street and the property is surrounded by a wide range of restaurants and stores.

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