The Real Deal New York

Jack Resnick & Sons refis One Seaport with $295M AXA loan

1.1M sf office tower at 199 Water Street is fully leased

July 15, 2016 11:31AM
By Rich Bockmann

One Seaport at 199 Water Street and Jack Resnick

One Seaport Plaza at 199 Water Street and Johnathan Resnick

Jack Resnick & Sons landed a $295 million loan to refinance its One Seaport Plaza, not to be confused with that other 1 Seaport building.

AXA Equitable Life Insurance Company issued the loan to refinance the Midtown-based landlord’s 35-story office tower at 199 Water Street, records filed with the city Friday show.

The package includes a new $55 million loan and replaces an existing $240 million mortgage from Morgan Stanley. Scott Singer at the Singer & Bassuk Organization arranged the financing.

The building, built in 1984, is fully leased. Insurance company Aon anchors the property with nearly 450,000 square feet.

Resnick recently ended a legal spat with a Dumbo-based developer over what it claimed was trademark infringement on the 1.1 million-square-foot tower’s name.

Resnick sued Fortis Property Group last year over its plans to call its new 60-story condo tower at the South Street Seaport “One Seaport.”

The two sides settled in December, announcing that Fortis would officially market the project at 151 Maiden Lane as “1 Seaport” during an agreed upon time period, and would thereafter ceasing using either name in connection with the tower.

Fortis is targeting a $272 million sellout at the 80-unit building.

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