The Real Deal New York

Pan Am Equities gets $150M refinancing for UWS rental tower

Manocherian family secured $50M in new debt from Prudential Insurance

June 29, 2015 12:55PM
By Tess Hofmann

145 West 67th Street on the Upper West Side

145 West 67th Street on the Upper West Side

The Manocherian family’s Pan Am Equities secured a $150 million refinancing on its residential building at 145 West 67th Street from the Prudential Insurance Company of America, according to property records filed with the city Friday.

The Midtown-based development firm added a new $50 million mortgage to its existing $100 million debt load on the building, known as Tower 67. The last time that Pan Am completed a refinancing on the property was in 2006, with a $47 million loan from Citigroup.

Representatives from Pan Am did not immediately respond to a request for comment.

Tower 67 is a 47-story building with 448 rental units spanning 570,000 square feet. It sits on West 67th Street between Amsterdam Avenue and Broadway. The Manocherian Brothers constructed it in 1986.

Rents in the building range from about $3,000 per month for a studio to $8,400 for a three-bedroom, according to data from listings site StreetEasy.

Last year, Pan Am Equities sold three Upper East Side rental buildings for $47.8 million. It owns 33 Manhattan residential properties, according to its website.