Minskoff secures massive loan for 51 Astor 

Edward Minskoff and a rendering of 51 Astor Place

Edward Minskoff‘s Minskoff Equities has closed on a construction loan valued at between $165 and $200 million with Bank of America for 51 Astor Place, the real estate company’s new office development near Cooper Union, the New York Observer reported.

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Minskoff is confident in the success of the 400,000-square-foot property, which is slated to be completed by 2013, he said, despite not having signed any tenants so far.

“It will surpass the Bank of America building [at One Bryant Park] in some ways,” he said.
To some brokers, rents at 51 Astor Place, which will range from about $88 to $115 per square foot, the Observer said, seem a little high.

“The price point makes me a little nervous,” said Robert Sammons, vice president at Cassidy Turley. “That’s Seagram Building pricing… [but] in reality, if he finds one or two Facebooks or Googles than he’s golden.” [NYO]