The Real Deal New York

Korean firm Daishin lands $100M loan for 400 Madison Avenue buy

The lender is South Dakota-based Midland National Life Insurance Company
By Christian Bautista | October 31, 2018 01:30PM

400 Madison Avenue

Korean firm Daishin Securities landed a $100 million loan for its acquisition of 400 Madison Avenue in Midtown.

Daishin closed on its acquisition of the 20-story, 146,200-square-foot tower for $194.5 million last week. South Dakota-based Midland National Life Insurance Company provided the company with acquisition debt, which included a $49 million gap mortgage, according to records filed with the city. The new mortgage replaces a $51 million JPMorgan Chase loan from 2015.

The Korean firm bought the office building from ASB Capital Management, who had acquired the property from William Macklowe in 2012. It was one of the assets that the younger Macklowe held onto when he separated from his father Harry to form the William Macklowe Company. ASB put the property on the market in 2016.

The property stretches just 45 feet deep but occupies the entire length of Madison Avenue between East 47th and East 48th Street. Knotel signed a 25,000-square-foot lease at the property last December. Other tenants in the building include coffee shop Bluestone Lane, men’s accessories store The Tie Bar and Madison Jewelers.

Elsewhere, Daishin partnered with Ken Horn’s Alchemy Properties to buy an Upper West Side development site from West End Collegiate Church. The assemblage, which occupies 260-262 West 78th Street, 378 West End Avenue and 245 West 77th Street, changed hands in a $158 million deal. The partners are planning a 19-story residential condo building at the site.