The Real Deal New York

Skyline Developers secures $100M to refi 1040 Sixth Avenue

Prudential provides new mortgage for 23-story Garment District office building
By Miriam Hall | September 27, 2016 12:30PM

1040 Sixth Avenue and Orin Wilf

Skyline Developers landed a $100 million loan from Prudential to refinance its 23-story Garment District office building at 1040 Sixth Avenue, according to property records filed with the city Tuesday.

The loan consolidates an existing mortgage from Bank of America and includes an additional $37.8 million.

The 217,000-square-foot-building was built in 1925 and includes nearly 197,000 square feet of office space and 20,000 square feet of retail space. Skyline Developers paid $170 million for the property in 2007, records show. Valley National Bank and law firm Ladas & Parry LLP are among the building’s tenants.

Skyline Developers is the New York arm of Short Hills, N.J.-based real estate development firm Garden Homes. Skyline’s New York real estate holdings include the Rockefeller Townhouses at 13-15 West 54th Street and office buildings at 20 West 55th Street and 265 Madison Avenue.

Garden Homes, led by Orin Wilf and the Wilf family, owns around 25 million square feet across the U.S., according to its website. A representative could not be immediately reached for comment.