Moinian, Thor secure $160M loan for 245 Fifth Avenue

The developers have sought capital for the 24-story building before

TRD New York /
Mar.March 03, 2016 08:30 AM

The Moinian Group and Thor Equities secured a $160 million loan from AIG Global Real Estate for their office building at 245 Fifth Avenue in NoMad.

The developers had a $130 million loan from Deutsche Bank from July 2014, according to city records. The mortgage, which is for seven years, carries a three-year term with interest-only payments, the New York Observer reported. It has a fixed rate of 3.99 percent.

In 2011, Joseph Moinian of the Moinian Group and Joseph Sitt of Thor Equities closed a deal to buy out Goldman Sachs for $162 million for the 24-story, 307,418-square-foot office building at the corner of East 28th Street. Drew Anderman of Meridian Capital Group brokered the deal.

Moinian and Sitt have sought capital for the building before, and in March 2012, a $140 million loan on was transferred into special servicing because of default concerns. [NYO]Dusica Sue Malesevic 

Related Articles

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

The Chicago condo deconversion craze is dying

Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, EDI International, and Azimuth)

The top 10 biggest real estate projects coming to NYC

Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M

545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

Thor Equities on the verge of losing another building in Manhattan

AOC unveils rent regulation plan, Hong Kong real estate stocks are sinking: Daily digest

Introducing ThorLogis, Thor Equities’ ambitious plan to break into logistics and e-commerce

Thor is breaking into the life sciences industry