Garment District office tower gets $148M refi

Landlord aims to make upgrades and boost occupancy with new financing

New York /
Aug.August 10, 2021 03:14 PM
Garment District office tower gets $148M refi

1410 Broadway (L.H. Charney)

L.H. Charney Associates landed a $148 million refinancing loan package for its 387,000-square-foot office building at 1410 Broadway.

The 33-story Garment District building is 78 percent leased, primarily to fashion and professional services companies, according to Pacific Coast Capital Partners, the real estate finance and investment management firm that provided the loan package.

As the pandemic has driven Manhattan’s office availability to record-highs in recent months, office landlords — especially those with older buildings — are under pressure to upgrade their properties to attract tenants. L.H. Charney, which has owned the property for four decades, is no exception.

Brian Haber with PCCP said in a statement that the refinancing “will provide the ownership with funds for capital improvements and for the costs to re-lease the existing vacancy.”

Built in 1930, the property did recently go through a $14.3 million renovation, which updated the lobby corridors, elevators and bathrooms while restoring the façade. The new financing will give the owner the flexibility and the ability to realize further plans “including a prebuilt office suites program that will attract tenants from a diverse mix of industries,” said Joseph Giannola, chief operating officer of L.H. Charney, in a statement.

The debt package included a $111.1 million mortgage loan, according to public records.





    Related Articles

    arrow_forward_ios
    VTS CEO Nick Romito and Lane Technologies CEO Clinton Robinson 
    VTS to buy office-app developer for $200M
    VTS to buy office-app developer for $200M
    CRE held up through the pandemic far better than most expected (iStock)
    How commercial real estate survived the pandemic
    How commercial real estate survived the pandemic
    Harbor Group grabs $558M in financing for Black Rock purchase
    Harbor Group grabs $558M in financing for Black Rock purchase
    Harbor Group grabs $558M in financing for Black Rock purchase
    15 Farm Springs Road, Farmington, CT and The Boulevard in Yaphank, LI
(Google Maps, TheBoulevardNY.com)
    Connecticut, Long Island projects show how pandemic has changed real estate
    Connecticut, Long Island projects show how pandemic has changed real estate
    New Jersey’s office market hits wall in third quarter
    New Jersey’s office market hits wall in third quarter
    New Jersey’s office market hits wall in third quarter
    How NYC’s top real estate law firms got creative in an unusual year
    How NYC’s top real estate law firms got creative in an unusual year
    How NYC’s top real estate law firms got creative in an unusual year
    Midtown South leads Manhattan’s office market recovery: report
    Midtown South leads Manhattan’s office market recovery: report
    Midtown South leads Manhattan’s office market recovery: report
    Office workers in major cities reach pandemic-best return rates
    Office workers in major cities reach pandemic-best return rates
    Office workers in major cities reach pandemic-best return rates
    arrow_forward_ios

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

    Loading...