Tokyu Land acquires majority stake in 10 Rutgers St for $56M and secures $31M loan from Mitsubishi UFJ

 

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

JLL represented the sponsor, Midtown Manhattan-based real estate investment firm, 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 $30.9 million in 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.

Said Hinckley, “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 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.

JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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About AMAC
AMAC is a national real estate investment firm founded in 2012. Subsequently, AMAC Development was formed by Maurice Kaufman to develop multifamily properties nationwide. Since inception, the firms have successfully acquired and developed more than $3 billion of multifamily properties within diverse primary and secondary markets in states such as Florida, Maryland, New York, North & South Carolina, and Texas. Our entrepreneurial spirit and strong capital commitment allow us to successfully execute investment opportunities across the country while providing quality housing to all residents.

About Tokyu Land US Corporation (TLUS)
Tokyu Land US Corporation (“TLUS”), with offices in Los Angeles and New York and with $3.1 billion of assets under management, is a fully owned subsidiary of Tokyu Fudosan Holdings Corporation, which has over $20 billion of owned assets with additional 3rd party assets under management. With discretionary balance sheet capital and a flexible investment mandate, TLUS is capable of pursuing value-driven investment opportunities across capital structure and risk spectrum in multifamily and industrial sectors in most major markets in the US, with particular focus on opportunities where dislocations and inefficiencies create outsized return potential.

About MUFG and MUFG Americas
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. The Group has about 150,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit

About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500^® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Contact: George Shea, Linda O’Flanagan
Phone: 212-627-5766
Email: [email protected]