Moinian lands $140M refi for FiDi resi tower

The lender is Pennsylvania-based Berkadia

TRD New York /
Oct.October 31, 2018 06:00 PM

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.

Related Article

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Aggressive iBuyer Opendoor acquires title and escrow company

Here are 5 takeaways from TRD’s deep dive into Eklund-Gomes’ national expansion

Nashville broker posts oral sex selfie alongside kitchen and pool listing pics

From left: Rory Golod, Robert Reffkin and 1328 Fulton Street (Credit: Google Maps)

Compass is growing rapidly in UWS and Brooklyn

Elevated risk: Malfunction at NYCHA is putting public housing residents at greater risk of being injured in its elevators

How do brokers get listings from the Department of Justice?

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

arrow_forward_ios