The Real Deal New York

From the May issue: The 412,000-square-foot office building at 417 Fifth Avenue is on
the market, the New York Post reported. Sources said the building at
38th Street will likely sell for $175 million to $200 million, which is
less than the $250 million that Joseph Moinian and Goldman Sachs’
Whitehall Group paid for the property in July 2007. Moinian and Goldman
Sachs took over a $125 million mortgage from Barclay’s Bank when they
bought the building, and the mortgage matures in September 2010. About
$30 million is also due in a mezzanine loan from Credit Suisse. To make
a deal, sources said the partnership would pay off the current
financing and a Goldman Sachs entity would provide a five-year,
floating-rate loan on the basis of 60 percent loan-to-value ratio.