TF Cornerstone lands $325M loan for Carnegie Hall Tower

MetLife mortgage carries 15-year term

The Carnegie Hall Tower
The Carnegie Hall Tower

TF Cornerstone refinanced the Carnegie Hall Tower in Midtown with a $325 million loan from Metropolitan Life Insurance Company.

The 15-year mortgage carries an interest rate of less than 4 percent, according to the Wall Street Journal.

Major tenants in the 555,000-square-foot, 60-story tower at 152 West 57th Street, which sits next to the eponymous concert hall, are financial firm Greystone and law firm Grubman Shire & Meiselas.

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Singer & Bassuk brokered the loan.

TF Cornerstone’s [TRDataCustom] Jeremy Shell claims it has benefitted from nearby luxury condo construction. “The emergence of Billionaires’ Row over this last real-estate cycle has correlated very positively to the rent growth we’ve seen,” he told the Journal. [WSJ]Konrad Putzier 

(To see more properties owned by TF Cornerstone, click here)