The Real Deal New York

William Kaufman Organization gets $145 refi for 437 Madison

By Will Parker | June 14, 2017 06:00PM

437 Madison Avenue and Jonathan Kaufman Iger

William Kaufman Organization refinanced its 850,00-square-foot office tower at 437 Madison Avenue with a $145 million loan from Bank of America, documents filed with the city Wednesday show.

The financing comes in the form of a new $40.5 million mortgage, consolidated with $105 million in existing debt that was held by Apple Bank.

The landlord announced three new leases at the 38-story office property in May, the largest of which went to Munich American Reassurance Company in a 19,000-square-foot deal for the entire 26th floor. Savills Studley represented the tenant on the lease negotiations.

Earlier this week, television sales company ITN Network took an extra 15,000 square feet at William Kaufman Organization’s 747 Third Avenue, Crain’s reported.

In February, the company scored a $65 million refinancing at the 417,240-square-foot property at 747 Third Avenue, according to the Wall Street Journal. The lender was undisclosed.

Robert Kaufman, son of company namesake William Kaufman, died in 2016 at the age of 89. His then 34-year-old grandson, Jonathan Kaufman Iger, assumed CEO duties.