Durst refinances two Midtown buildings with $1.1B CMBS loan

Landlord replaces $800M in debt at 1133 Sixth Avenue and 114 West 47th Street

New York /
Apr.April 07, 2021 09:45 AM
Douglas Durst with 1133 Avenue of the Americas (left) and 114 West 47th Street (Google Maps, Getty)

Douglas Durst with 1133 Avenue of the Americas (left) and 114 West 47th Street (Google Maps, Getty)

The Durst Organization has secured $1.1 billion in debt to refinance office properties at 1133 Sixth Avenue and 114 West 47th Street.

The 10-year, fixed-rate, interest-only CMBS loans came from Bank of America, Citigroup and Wells Fargo, according to the Commercial Observer. They retire $800 million of debt provided by Citi and Ladder Capital on the two office buildings as well as cover closing costs.

The properties are situated near Bryant Park. The 26-story 114 West 47th Street is 660,000 square feet and was built in 1989. The 47-story, 1.1 million-square-foot Sixth Avenue building opened in 1970.

As of February, the properties are about 95 percent leased to 45 tenants, more than half of whom are investment-grade or credit-worthy. Durst has put about $69.3 million into the Sixth Avenue property and $23.3 million into the West 47th Street building over the past decade, Commercial Observer reported.

Durst has sued Amazon over a scuttled lease deal at the Sixth Avenue property, seeking $21 million in damages after it kept 310,000 square feet vacant for Amazon and made modifications, only to see Amazon lease from Vornado Realty Trust elsewhere.

[CO] — Sasha Jones





    Related Articles

    arrow_forward_ios
    Vornado's Steve Roth with 1540 Broadway
    Vornado writes down portfolio by $600M
    Vornado writes down portfolio by $600M
    Boston Properties' Owen Thomas (Boston Properties, Getty)
    The commercial real estate recession is here: Boston Properties
    The commercial real estate recession is here: Boston Properties
    From left: Joseph Chetrit, Barry Sternlicht, David Rubenstein, Michael Dell, and Marc Holliday, along with 305 East 86th Street and 1540 Broadway (Getty, Carlyle, Google Maps)
    New York City’s biggest borrowers of 2022
    New York City’s biggest borrowers of 2022
    The Frame building at 541 West 21st Street
    Nearly completed West Chelsea office project heads to foreclosure
    Nearly completed West Chelsea office project heads to foreclosure
    Jeff Sutton with 724 Fifth Avenue
    Jeff Sutton’s Wharton refis Prada property on Fifth Ave with $260M loan
    Jeff Sutton’s Wharton refis Prada property on Fifth Ave with $260M loan
    200 Park Avenue and Tishman Speyer's Rob Speyer(Tishman Speyer, Getty)
    MetLife Building gets the luck of the Irish
    MetLife Building gets the luck of the Irish
    100 Print Shop Road in Enfield, CT and President of the Lego Group in the Americas Skip Kodak
    Lego letting go of Connecticut office
    Lego letting go of Connecticut office
    From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
    Office properties (yes, office!) got Manhattan’s biggest December loans
    Office properties (yes, office!) got Manhattan’s biggest December loans
    arrow_forward_ios

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

    Loading...