The Real Deal New York

L.H. Charney refis 1441 Broadway with $185M MetLife loan

Company founder died in March at age 77

August 31, 2016 12:22PM
By Rich Bockmann

The late Leon Charney and 1441 Broadway in Midtown

L.H. Charney & Associates refinanced its 460,000-square-foot office tower at 1441 Broadway with a $185 million loan from Metropolitan Life Insurance.

The landlord, whose namesake founder died earlier this year at the age of 77, replaced $183 million in existing debt and landed a $2 million gap loan from the insurer, according to property records filed with the city Wednesday.

Company president Bruce Block said the original loan’s term was coming due, and declined to comment on the rate secured with MetLife.

Steve Kohn and Alex Hernandez at Cushman & Wakefield secured the new financing on behalf of the borrower.

L.H. Charney & Associates is currently repositioning some 74,000 square feet of retail at the base of the 34-story tower after Office Depot shuttered its last location in the city there in 2014.

Office tenants include Jones New York, which has just shy of 105,000 square feet in the tower, and shared-office provider Jay Suites, which expanded late last year to 69,000 square feet.

Company founder Leon Charney, who died in March, controlled more than 1.5 million square feet of commercial space in Manhattan, including the property at 1441 and the nearby 367,000-square-foot building at 1410 Broadway.