The Real Deal New York

Minskoff secures $200M loan to refinance 101 Sixth

Citibank, Barclays provide 20-year fixed-rate mortgage

December 19, 2014 01:50PM
By Mark Maurer

101 Sixth Avenue (Credit: CoStar Group) and Edward Minskoff

101 Sixth Avenue (Credit: CoStar Group) and Edward Minskoff

Edward Minskoff, who has signed several tenants to pricey lease deals at his 101 Sixth Avenue recently, received $200 million to refinance the 23-story office property, The Real Deal has learned.

Citibank was the primary lender for a 20-year fixed-rate loan, according to sources close to the deal. Barclays also contributed a portion of the mortgage. Minskoff, head of Edward J. Minskoff Equities, will use the funds to pay off the principal of an existing $175 million loan from Bank of America.

JLL represented Minskoff in the financing deal, which closed Wednesday. The brokerage declined to comment.

The 411,000-square-foot building near Watts Street is 97 percent leased, sources said. Tenants include the New York Genome Center, hedge fund manager Two Sigma Investments and office space provider Regus.

In August, cloud-computing firm DigitalOcean signed for 23,500 square feet there, as TRD reported.

Minskoff developed the Lower Manhattan building in 1990 for one tenant, the property service workers union 32BJ SEIU. Minskoff bought out the property’s majority owner Andalex Group and took full control after the union left the building in 2011.

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