The Real Deal New York

Stawski Partners lands $200M to refi Midtown office tower

German firm Landesbank is the lender
By Christian Bautista | August 20, 2018 05:30PM

Axel Stawski and 505 Fifth Avenue (Credit: Getty Images, Google Maps, KPF)

Stawski Partners landed a $200 million loan for 505 Fifth Avenue in Midtown.

The new financing replaces $150 million in debt from German bank Landesbank Hessen-Thüringen, also known as Helaba, according to property records. The new mortgage, also from Landesbank, consolidates the previous loan and adds $50 million in new financing.

The property is a 251,000-square-foot office tower near the northeast end of Bryant Park. Stawski completed construction on the property in 2004, property records show. In 2015, Norwegian firm Norges Bank expanded its New York City headquarters in the property, signing a 22,000-square-foot expansion. Other tenants in the building include venture capital firm Corigin Holdings and wealth management firm Hightower Sports and Entertainment. The retail space is occupied by women’s clothing retailer COS.

Stawski Partners, headed by Axel Stawski, owns several properties on Fifth Avenue, including 565 and 579 Fifth Avenue. Its other office assets include 121 Avenue of the Americas and the Broad Financial Center. It also owns residential buildings 132 Perry Street, 27 Wooster Street and 42 Wooster Street.

The firm did not immediately respond to requests for comment.