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





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