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New York

Stern’s Hartz Mountain refis 667 Madison with $254M loan

Deutsche Bank loan replaces a $250M Goldman Sachs mortgage

667 Madison Avenue in Midtown (Inset: Leonard Stern)
667 Madison Avenue in Midtown (Inset: Leonard Stern)

Leonard Stern’s Hartz Group refinanced its signature property at 667 Madison Avenue with a $254 million loan from Deutsche Bank, according to property records filed with the city Tuesday.

The 25-story Madison Avenue, 265,000-square-foot tower, popular with hedge funds, counts the likes of Loews Corporation, the Koch Brothers and Sciens Capital Management as tenants. Manny Stern, Leonard Stern’s son and the CEO of Tall Pines Capital, also has an office there.

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The new loan replaces a $250 million mortgage originated by Goldman Sachs in 2007.

The property is among an elite group of Midtown buildings that have rented office space for more than $200 per square foot, Along With 9 West 57th Street, the General Motors Building and L & L Holding’s 425 Park Avenue.

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Hartz Mountain IndustriesLeonard Stern