The Real Deal New York

Moinian lands $140M refi for FiDi resi tower

The lender is Pennsylvania-based Berkadia
By Christian Bautista | October 31, 2018 06:00PM

Ocean at One West Street and Joseph Moinian

Moinian Group landed a $140 million loan for Financial District residential tower Ocean at One West Street.
The new debt replaces a $135 million Berkadia Commercial Mortgage loan from 2012, according to records filed with the city Wednesday. The new loan, also from Berkadia, is a 3.99 percent fixed-rate loan that includes a $12.5 million gap mortgage. Berkadia secured the ten-year financing through Freddie Mac.
The property, which sits between West Street and Washington Street near Battery Park City, is part of the two-property residential-and-office complex dubbed 17 Battery Place.
The loan covers Unit 1 — the basement, ground floor and floors 14 to 31 — in the South Building, which spans 512,500 square feet, according to the condo declaration for the property.
The 31-story tower was built in 1902 as an office building and converted to residential use in 1999. It contains 492 units.
“After investing in Lower Manhattan over 20 years ago, we are very satisfied with the prosperous transformation that has gotten the neighborhood to where it is today,” said Joseph Moinian, Moinian Group founder and CEO.
Liberal arts college Nyack College owns a portion of the North Building, also known as 2 Washington Street. Other tenants in the complex include financial firm Continental Stock Transfer and Trust Company, the city’s Department of Buildings and Ambac Financial.