The Real Deal New York

Minskoff secures massive loan for 51 Astor 

November 03, 2011 02:53PM


Edward Minskoff and a rendering of 51 Astor Place

Edward Minskoff‘s Minskoff Equities has closed on a construction loan valued at between $165 and $200 million with Bank of America for 51 Astor Place, the real estate company’s new office development near Cooper Union, the New York Observer reported.

Minskoff is confident in the success of the 400,000-square-foot property, which is slated to be completed by 2013, he said, despite not having signed any tenants so far.

“It will surpass the Bank of America building [at One Bryant Park] in some ways,” he said.
To some brokers, rents at 51 Astor Place, which will range from about $88 to $115 per square foot, the Observer said, seem a little high.

“The price point makes me a little nervous,” said Robert Sammons, vice president at Cassidy Turley. “That’s Seagram Building pricing… [but] in reality, if he finds one or two Facebooks or Googles than he’s golden.” [NYO]

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