Karfunkel family inks $200M refi for Lower Manhattan tower

The family has owned the building at 59 Maiden Lane for 20 years
May 07, 2019 11:30AM

49 Maiden Lane (Credit: Google Maps)

49 Maiden Lane (Credit: Google Maps)

The Karfunkel family has landed $200 million in refinancing for a Lower Manhattan office tower.

The mortgage for 59 Maiden Lane comes from Citigroup and refinances the capital structure for the building just east of the World Trade Center, according to Commercial Observer. The 10-year loan has a 3.99 percent fixed rate, and principal payments will not be due until it matures in May 2029.

The tower is almost fully leased and filled mainly with city agencies, including the Department of Finance, the Department of Transportation and New York City 311. The New York State Comptroller’s Office also leases 85,000 square feet in the property, and the law firm London Fischer has a 60,000-square-foot lease.

The deal will let the Karfunkels refinance $120 million in outstanding debt on the building and cash out $86.9 million in equity. The Hungarian family has owned the property since 1999, when they bought it for an undisclosed sum from the Canadian property company Olympia & York. [CO] — Eddie Small