search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aDavid Werner strikes $115M deal to snap up 100 Wall Street at big discountDavid Werner strikes $115M deal to snap up 100 Wall Street at big discountMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanSF targets more than 3,000 concrete buildings for seismic retrofitsSF targets more than 3,000 concrete buildings for seismic retrofits
New York

Silverstein, Loeb land $85M financing for 529 Fifth Avenue

From left: Steve Kohn, Dave Karon and 529 Fifth Avenue
From left: Steve Kohn, Dave Karon and 529 Fifth Avenue

Silverstein Properties and Loeb Partners Realty affiliates secured $85 million in financing for their office tower at 529 Fifth Avenue, according to brokerage Cushman & Wakefield, which advised on the deal.

Wells Fargo provided the seven-year financing. Cushman’s Steve Kohn, Dave Karson, Alexander Hernandez and Sridhar Vankayala represented the building’s ownership.

Sign Up for the undefined Newsletter

“The property has strong in-place cash-flow with great upside potential,” Hernandez said in a statement.

The 19-story building, located between East 43rd and 44th streets, has 282,696 square feet of rentable space, as well as 18 floors of office space, ground-level retail, mezzanine and basement floors. Fledgling hedge fund Prosiris Capital Management recently left 529 Fifth for an 11,500-square-foot space at Boston Properties’ 510 Madison Avenue, as The Real Deal reported.  — Julie Strickland

Tags
Cushman & WakefieldSilverstein Properties