The Real Deal New York

Minskoff receives $370M loan to refinance 51 Astor Place

Bank of America and Barclays provide funding
August 06, 2015 12:40PM

Edward J. Minskoff Equities received a $370 million loan from Bank of America and Barclays to refinance its fully occupied Astor Place office building.

The money will go toward refinancing the $165 million construction loan granted by Bank of America in 2011, the Commercial Observer reported.

Peter Nicoletti and Dustin Stolly, both of JLL, brokered the deal.

Minskoff completed the 12-story, 400,000-square-foot tower, which occupies the block between East 8th and 9th streets and Third and Fourth avenues, in 2013. The tower at 51 Astor Place cost about $300 million, roughly half of which came from Minskoff himself.

Prominent office lessees in the building include IBM Watson Group, which occupies 140,000 square feet and St. John’s University with 70,500 square feet.

CVS recently became the first retail tenant, taking 11,500 square feet. [NYO]Ariel Stulberg