Brodsky refis 1 Columbus Place with $250M Wells Fargo loan

Financing covers 729-unit rental tower and adjacent school

TRD New York /
Jun.June 22, 2016 01:11 PM

The Brodsky Organization refinanced a 729-unit rental property and an adjacent school near Columbus Circle with a $250 million loan from Wells Fargo.

The family-run firm, headed by Daniel Brodsky, received an $81.19 million loan on the dual 49-story towers at 400 West 59th Street, also known as One Columbus Place, property records filed with city Wednesday show.

Brodsky also consolidated the balance on two existing loans, including $142.3 million outstanding on a loan the New York City Housing Development Corporation issued after the building was completed in 1997.

The refinancing also covered the adjacent Speyer Legacy School at 925 Ninth Avenue. The school inked a lease in 2013 for 85,000 square feet across the two properties, 10 times the size of its previous location on the Upper West Side.

A representative for Brodsky was not immediately available for comment.

Daniel Brodsky was accused in January by tenants of being a “slumlord” for racking up hundreds of violations at his properties, according to the New York Post. The firm denied the charges and said it was working to perform repairs.


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