417 Fifth Avenue quietly for sale

The Post reports that the 412,000-square-foot office building at 417 Fifth Avenue at 38th Street, is on the market. Sources say the building will likely sell for $175 million to $200 million, which is less than the $250 million that Joseph Moinian and Goldman Sachs’ Whitehall Group paid for it in July 2007. Moinian and Goldman Sachs took over a $125 million mortgage from Barclays Bank when they bought the building, and the mortgage matures in September 2010. About $30 million also is due in a mezzanine loan from Credit Suisse. To make a deal, sources said the partnership would pay off the current financing and a Goldman Sachs entity would provide five-year, floating-rate financing on the basis of a 60 percent loan-to-value ratio.