The Real Deal New York

Owners of 63 Madison take $314M Bank of China loan

Jamestown bought a 49% stake there from George Comfort, Loeb Partners this year
May 20, 2016 09:00AM

63 Madison Avenue in Midtown South (inset: Bank of China President Li Lihui and Jamestown's Michael Phillips)

63 Madison Avenue in Midtown South (inset: Bank of China President Li Lihui and Jamestown’s Michael Phillips)

George Comfort & Sons, Loeb Partners Realty and their new partner Jamestown took out a hefty loan on the block-wide office property at 63 Madison Avenue.

The owners borrowed $313.5 million from the Bank of China, to replace old debts and fund renovations at the 15-story, 870,000-square-foot NoMad building, the Commercial Observer reported.

In February, Jamestown – a major national real estate investor, which owns Chelsea Market, the Flachi Building, 1250 Broadway and a stake in Industry City, among other New York properties – bought a 49 percent stake in 63 Madison Avenue for $271 million, according to CoStar. Tenants there include IBM and the beauty products subscription service Birchbox.

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The company also bought the same stake in George Comfort & Sons and Loeb Partners’ 26-story, 750,000-square-foot 200 Madison as part of the same transaction, paying $293 million, also according to CoStar.

The Bank of China has lent money on 63 Madison before. The bank provided $150 million in financing to George Comfort & Sons and Loeb Realty back in 2010. [CO]Ariel Stulberg