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.