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.
“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