Silverstein gets $171M refi for 529 Fifth Avenue

Anchor tenant Citrin Corporation set to leave Midtown tower next year

TRD New York /
Oct.October 12, 2020 10:45 AM
529 Fifth Avenue and Silverstein Properties' Larry Silverstein (Google Maps; Getty)

529 Fifth Avenue and Silverstein Properties’ Larry Silverstein (Google Maps; Getty)

Silverstein Properties has closed on a $171 million refinancing deal for an office building in Midtown.

The five-year loan for 529 Fifth Avenue was provided by JPMorgan Chase and was arranged by Walker & Dunlop, Commercial Observer reported.

The 20-story, 283,000-square-foot commercial building, originally built in 1958 and designed by Emery Roth & Sons, is located just north of Grand Central Terminal and Bryant Park.

The building’s anchor tenant, accounting firm Citrin Corporation, will leave the 130,000-square-foot space that it occupies next fall. Silverstein worked with Architecture Plus Information on a $20 million renovation to parts of the building, adding an amenity floor (with a gym and shower) as well as a 500-square-foot terrace to attract new tenants.

Silverstein also plans to update 12,600 square feet of ground floor retail space currently occupied by Best Buy after the store’s lease expires at the end of 2021.

Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz of Walker & Dunlop negotiated the financing. [CO] — Akiko Matsuda


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
Gov. Andrew Cuomo announced that movie theaters in some New York counties can reopen, but NYC’s theaters are excluded for now. (Getty; iStock)

Cuomo: Movie theaters can reopen — but not in NYC

Cuomo: Movie theaters can reopen — but not in NYC
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
IKEA Chief Sustainability Officer Pia Heidenmark Cook (IKEA, iStock)

Ikea will buy back your old furniture on Black Friday

Ikea will buy back your old furniture on Black Friday
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...