New York Life building gets $410M refi

Loan replaces $315 million in financing from Bank of China

Dec.December 27, 2019 07:18 PM
28 East 28th Street (Credit: Google Maps)

28 East 28th Street (Credit: Google Maps)

The owners of the New York Life building at 28 East 28th Street just got a massive $410 million refinancing package.

Wells Fargo provided the loan to the owners of the building, which is a joint venture of Jamestown, George Comfort and Sons and Loeb Partners Realty, according to public records.

The refinancing replaces a $313.5 million loan made in 2016 from Bank of China for renovations at the 15-story, 870,000-square-foot NoMad building. Bank of China had provided the previous joint owners with a $150 million loan in 2010.

Jamestown acquired its 49 percent stake in the building in 2016 for $271 million as part of a two-office building package that included 200 Madison Avenue, and valued the pair of buildings at $1.15 billion.

In August, Amazon-owned grocery chain Whole Foods inked a lease for 60,000 square feet of space at the base of the property. Earlier this year, CBS renewed its 15-year, 164,000-square-foot lease at the building, formerly known as 63 Madison Avenue.

Last year, Facebook was reportedly in talks to lease the entire building — but those talks fell through, the New York Post reported. Instead, the social media giant took more than 1.5 million square feet at The Related Company’s Hudson Yards.

Jamestown is a major national real estate investor, and the previous owner of Chelsea Market and the Milk Building, connected by a bridge and now both owned by Google. Jamestown still owns various properties in New York, including the Falchi Building, 1250 Broadway and One Times Square and a stake in Industry City. The firm is one of four developers seeking a rezoning to expand Industry City to roughly 6.5 million square feet from 5.2 million and invest $1 billion to upgrade the campus.

Wells Fargo did not return a request for comment. Jamestown, George Comfort and Sons and Loeb Partners Realty were not available for comment.

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