AM Property, Quality Capital lock down $46M loan to buy 420 Fifth office condo

Girl Scouts of the USA will vacate the four floors by January

New York /
Nov.November 08, 2016 02:00 PM

The Wasserman family’s AM Property Holding and Samson Klugman’s Quality Capital USA pulled off a $46 million loan for its purchase of the Girl Scouts of the USA’s headquarters across four floors at 420 Fifth Avenue in Midtown, sources told The Real Deal.

The firms closed on the $61 million purchase of the four full-floor office condominium units at the 30-story, 600,000-square-foot Class A tower between West 37th and 38th streets.

Pine River Capital Management, an asset manager, provided the floating-rate loan for the acquisition, renovations and other re-leasing efforts, sources said.

The new owners plan to lease the space to new tenants after the Girl Scouts vacate the 14th through 17th floors this winter. The four floors, spanning a total of 72,000 square feet, are expected to be fully vacant by mid-January. The Girls Scouts will continue to own and occupy the ninth through 13th floors.

A Newmark Grubb Knight Frank TRData LogoTINY team led by Jordan Roeschlaub and Daniel Fromm brokered the financing. The brokers declined to comment, while the buyers could not be reached.

AM Property and Quality Capital was initially seeking a loan of $42.9 million, according to an offering memorandum for the financing.

Hammerson Property Investment and the Development Corporation of London developed the building in 1990. Developer Steve Witkoff is among the other owners of condos in the buildings, with four floors spanning 116,000 square feet.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
A photo illustration of Gainesville Mayor Harvey Ward and Gainesville, Florida (Getty, Harvey Ward)
NIMBYs triumph in Florida upzoning battle
NIMBYs triumph in Florida upzoning battle
25 Cactus, Irvine, CA and Albert Pujols
Albert Pujols lists Irvine mansion for $10M
Albert Pujols lists Irvine mansion for $10M
(Getty Images)
Florida, man: Sunshine State has more jobs than New York
Florida, man: Sunshine State has more jobs than New York
Cannabis shop, marijuana growing facilities
Cannabis entrepreneurs pay premiums for real estate
Cannabis entrepreneurs pay premiums for real estate
Amazon's Andy Jassy with Amazon Fresh store front (Illustration by The Real Deal with Getty, Google maps)
Amazon scraps plans for big-box store
Amazon scraps plans for big-box store
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...