ABS Partners secures $72M financing for 270 Madison Avenue

The lender is Principal Life Insurance Company

New York /
Aug.August 02, 2018 10:40 AM

270 Madison Avenue and ABS Partners’ Gregg Schenker (Google Maps and Twitter)

ABS Partners landed a $72 million loan for 270 Madison Avenue in Midtown.

The new financing from Des Moines, Iowa-based Principal Life Insurance Company replaces a $68 million note from JP Morgan Chase in 2015, according to records filed with the city. Principal assumed the existing debt on the property and provided a $4 million gap mortgage.

The property is a 19-story, 269,000-square-foot building located on the corner of 39th Street and Madison Avenue. One of the tenants in the building, law firm Wolf Haldenstein, started its tenancy when the property was first completed in 1923. Last May, the company signed a 12-year, 33,000-square-foot renewal.

The building is home to law firms Belkin Burden Wenig & Goldman and Katlowitz & Associates. It also houses the New York branch of the United Services Organizations and wine retailer Park Avenue Liquor Shop.

ABS, which was founded by Gregg Schenker, Earle Altman, Peter Burack and Steven Hornstock in 1999, owns 89 properties across Manhattan, Brooklyn, Queens and Connecticut, according to its website. Its portfolio includes 145 East 57th Street, 400 Lafayette Street and the Briq Building in Brooklyn. The firm did not immediately respond to requests for comment.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Durst Organization president Jonathan Durst and 1155 Sixth Avenue (Durst, Google Maps)
Jenner & Block cuts footprint, takes 67K sf at Durst’s 1155 Sixth Avenue
Jenner & Block cuts footprint, takes 67K sf at Durst’s 1155 Sixth Avenue
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
arrow_forward_ios

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

Loading...