Sitt, Moinian shop for capital for 245 Fifth Avenue as loan looms

TRD New York /
Feb.February 23, 2012 02:30 PM

Developers Joseph Sitt and Joseph Moinian are quietly considering their options as their $140 million loan on 245 Fifth Avenue is about to come due, Crain’s reported.

Moinian purchased the tower with a Whitehall fund from Goldman Sachs in 2007 for $190 million. Last April, Sitt injected funds as part of a recapitalization that left he and Moinian the sole owners. Now, the mortgage they received in that deal is looming, and the pair is shopping for an undisclosed amount.

Rents at the building never reached the heights the initial investors assumed they would, Crain’s said, but the tower, at 28th Street, has long-term potential as it is located in the Midtown South submarket, the county’s least vacant. The building is currently 85 percent occupied.

The owners have retained Doug Harmon and Adam Spies of Eastdil Secured to asist them in securing financing. [Crain’s]

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Council member Rafael Espinal (Credit: Twitter, iStock)

For the birds: NYC buildings told to use flight-friendly materials

From left: 1 West End Avenue, 161 West 13th Street and 66 Ninth Avenue (Credit: StreetEasy and Wikipedia)

Porter House penthouse among NYC’s 5 priciest homes to hit the market last week

From left: Sam Chang, 52 William Street and New York Hotel & Motel Trades Council's Peter Ward (Credit: Google Maps)

Cuomo goes after Sam Chang as union drama unfolds

15 East 90th Street (Credit: Google Maps)

Lonely townhouse finds a match after years on market

From left: Jeff Cohn and Gary Keller

Gary Keller walks into Berkshire Hathaway’s backyard and takes its top team