Garment District office tower gets $148M refi
Landlord aims to make upgrades and boost occupancy with new financing
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.