The Real Deal New York

Walter & Samuels lands $50M to refi NoMad office building

Loan for 419 Park Ave South replaces $32M mortgage

September 08, 2016 12:40PM
By Kathryn Brenzel

David Berley and 419 Park Avenue South

David Berley and 419 Park Avenue South in NoMad

Real estate firm Walter & Samuels has scored a $50 million loan to refinance its NoMad office building.

Apple Savings provided the loan for 419 Park Avenue South, which replaces a previous $32 million mortgage and includes $18 million in new financing, according to documents filed with the city’s Department of Finance on Thursday. Variable Annuity Life Insurance Company provided the original mortgage.

“This a low loan-to-value loan with one of New York’s terrific banks,” said David Berley, chairman of Walter & Samuels TRData LogoTINY. “We do a lot of mortgage financing. It’s one of our specialties.”

The 20-story office building spans 160,114 square feet, and its tenants include design firm Keiser Associates, a 3-D printing company Shapeways and law firm Krass Snow & Schmutter. Walter & Samuels, which occupies the 15th floor, recently renovated and enlarged the building’s lobby.

The firm is currently marketing the eighth floor of the building, which has 6,083 square feet available. The asking price is $65 per square foot.

Walter & Samuels manages 50 buildings throughout the city. In April, Berley purchased a three-story office building at 516 Eighth Avenue in the Garment District for $25 million. In July 2015, SL Green paid Walter & Samuels $27.1 million for a mixed-use residential building at 260 East 72nd Street.