888 Main Street - The Octagon
This is a high-quality institutional refinance of a well-known 501-unit multifamily asset on Roosevelt Island, secured through Fannie Mae — one of the most creditworthy and low-risk lending sources in the market. The Octagon is a landmark luxury multifamily conversion with a strong stabilized occupancy history and institutional-grade management, supporting a loan of approximately $322K per unit which is reasonable for the submarket. The JLL brokerage team led by Michael Shmuely, Michael Zaremski, and John Flynn represents one of the most active and credible capital markets platforms in NYC, with a combined track record exceeding $4.9B in volume across 63 deals. Roosevelt Island multifamily fundamentals remain solid with limited new supply, proximity to Midtown Manhattan, and continued demand from tech and healthcare sector workers tied to Cornell Tech. The DSCR of approximately 1.05x is tight but acceptable for a Fannie Mae agency execution on a stabilized asset, and no distress indicators are present.
Deal Stats
Parties
No party information available for this deal.
Score Analysis
Why this score
Agency Financing (Fannie Mae)
Fannie Mae backing provides maximum creditworthiness, low default risk, and favorable terms that validate asset quality and stabilized performance.
Tight DSCR of 1.05x
Limited debt service coverage margin leaves minimal cushion for operational disruptions, rent declines, or unexpected expenses in a volatile market.
Roosevelt Island Supply Constraints
Limited new multifamily supply on the island protects occupancy and pricing power against competitive pressure from new deliveries.
Unknown Buyer/Seller Identity
Lack of transparency on principals limits ability to assess sponsor experience, financial strength, or refinance motivation.
Strong Broker Platform (JLL)
JLL's $4.9B track record across 63 NYC deals signals institutional execution quality and market credibility that reduces execution risk.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Increase DSCR to 1.15x+
Reducing leverage or improving net operating income would provide stronger performance buffer for market volatility and regulatory changes.
Disclose buyer/sponsor credentials
Transparent sponsor identity with demonstrated multifamily experience and capital strength would reduce counterparty risk and increase lender confidence.
Highlight Cornell Tech tenant pipeline
Quantifying leasing velocity tied to Cornell Tech expansion would strengthen demand fundamentals and offset tight DSCR concerns.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Multifamily Loan 888 Main Street Fannie Mae Provides $161.5 Million Refinance Loan For 888 Main Street Multifamily Property FINANCED $161,500,000 MultiFamily Financed 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Transaction Type: The property asset involved in this transaction is located at 888 Main Street - The Octagon in Roosevelt Island. This multifamily asset comprises 501 units and has secured a refinancing loan of $161,500,000 from Fannie Mae. Summary of transaction details: Property Type: Multifamily Transaction Amount: $161,500,000 Address: 888 Main Street - The Octagon Market: Roosevelt Island Units: 501 Lender: Fannie Mae Brokers: Michael Shmuely, Michael Zaremski & John Flynn - JLL Loan Type: Refinance The key individuals involved in this transaction include Michael Shmuely, Michael Zaremski, and John Flynn, who are representatives from JLL and played significant roles in facilitating the financing arrangements for this multifamily asset. Players All Brokers Lenders Michael Shmuely 27 deals $2.6B volume BROKER Michael Zaremski 16 deals $1.2B volume John Flynn 20 deals $1.1B volume Fannie Mae LENDER Details Deal Summary IMAGE: Michael Shmuely, Michael Zaremski & John Flynn DATE: 5/6/2026 ADDRESS: 888 Main Street - The Octagon MARKET: Roosevelt Island ASSET TYPE: Multifamily ~ UNITS: 501 LENDER: Fannie Mae (@OfficialFannieMae) BROKERS: Michael Shmuely, Michael Zaremski & John Flynn - JLL (@JLL) LOAN AMOUNT: $161,500,000 LOAN TYPE: Refinance Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. 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Deal Type SALE LOAN LEASE Property Value Current Loan Balance Net Operating Income (Annual) Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Reset Debt Service Coverage Ratio (DSCR) 1.05x Max Loan Amount $161,500,000.00 Monthly NOI $1,076,666.67 Monthly Debt Service $1,020,789.86 Change in Cash Flow $0.00 Refinance Proceeds Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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