Wells Fargo lends $245M for Minskoff tower

Deal for 1166 Sixth Avenue includes $54M gap mortgage
By Mary Diduch | May 07, 2019 07:02PM

Edward Minskoff and his 1166 Avenue of the Americas (Credit: Getty Images and Wikipedia)

Edward Minskoff and his 1166 Avenue of the Americas (Credit: Getty Images and Wikipedia)

Edward J. Minskoff Equities landed $245 million in financing for a portion its Midtown tower at 1166 Sixth Avenue.

The financing covers floors 7 through 12 and floors 14 through 21 – as well as the cellar – according to property records filed Tuesday with the New York City Department of Finance.

Minskoff, which owns the condominiums from the second through the 21st floors of the property, did not immediately respond to requests for comment Tuesday evening. Wells Fargo declined to comment.

The deal includes a $186 million refinanced mortgage. The debt package also includes a $47.4 million building loan and a $11.6 million project loan.

The firm recently renovated the building, which led to a string of leases at the 44-story tower. Company president Edward Minskoff told Commercial Observer that the firm put $50 million into upgrades to the building’s lobby, mechanicals and elevators.

Among the more recent tenants to move to property, which sits between West 45th and West 46th Street, is William Blair & Company. The financial advisory firm inked a 40,000-square-foot lease in October.

Update: This article was updated to include Wells Fargo’s response.