Vanbarton locks in $75M Deutsche loan at 292 Madison

Financing allows firm to close on 204K sf Midtown office building

Oct.October 13, 2016 07:00 AM

Vanbarton Group scored about $75 million in financing for its $180 million acquisition of a 26-story Midtown office building at 292 Madison Avenue, sources told The Real Deal.

Deutsche Bank TRData LogoTINY provided the loan, which closed late last week, sources said. With the loan, the firm closed this week on the purchase of the 203,800-square-foot Class A building from the Marciano brothers, founders of the clothing company Guess.

The loan comprises about 42 percent of the $180 million purchase price, which comes out to $883 per square foot.

A representative for Vanbarton confirmed the firm closed on the property, but declined to comment on the loan.

The building is located at the corner of East 41st Street, just a block from Grand Central Station.

Vanbarton, led by Richard Coles and Gary Tischler, and an unidentified pension fund partner are planning to renovate the lobby and elevators, the firm said.

The building is 66 percent occupied, with floor plates ranging from 3,000 to 11,000 square feet, according to Vanbarton. CBRE’s Paul Amrich is marketing the building’s vacant space for lease.

In 2007, the Marciano brothers had bought the leasehold in partnership with Metropolitan Real Estate Advisors from SL Green Realty. They added the land in 2012. Herald Square serves as the property manager. Corporate services company Hogg Robinson and financial services firm Burford Capital are among the tenants.

Last month, Vanbarton picked up the Tribeca Film Festival building at 13-19 Laight Street for $90 million.

Related Articles

President Donald Trump and Deutsche Bank CEO Christian Sewing (Credit: Trump byMANDEL NGAN/AFP via Getty Images; Sewing by Thomas Lohnes/Getty Images)

Trump Org asks lender, landlord for a break

Rodrigo Niño, 17 John Street and 85 West Broadway (Credit: Prodigy Network, Google Maps)

Crowdfunding firm seeks $30M bailout for second commercial building

Related chairman Stephen Ross with 30 Hudson Yards, 1633 Broadway and 55 Hudson Yards (Credit: Getty Images, Paramount, Wikipedia)

Here were NYC’s largest real estate finance deals of 2019

A&E Real Estate Holdings principal Douglas Eisenberg and the properties (Credit: The Rego Park 18 Portfolio)

Deutsche Bank provided A&E $97M in financing for big Rego Park buy

55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards

305 East 46th Street (Credit: iStock)

Japanese firm lands $84M financing for Midtown East buy

Jerry Rotonda (Credit: LinkedIn)

Former Deutsche Bank exec has defaulted on $3M loan, lawsuit says

From left: London, Shanghai and Paris

The TRD weekly global digest