Meridian Capital Group Arranges Sale and Acquisition Financing for 15 Park Row, 335-Unit Manhattan Multifamily Building
Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has advised Park Row Realty, L.P. on the residential part of the sale of 15 Park Row to Atlas Capital Group, LLC, while Meridian Senior Managing Director, Morris Betesh, and Vice President, Alex Bailkin, arranged $109 million in financing for the acquisition.
Located on City Hall Park, and steps from both the World Trade Center Transportation Center and South Street Seaport, 15 Park Row is a luxury rental building that is easily accessible from Midtown and the Financial District and is within walking distance of nine subway lines. Originally the tallest building in the world when finished in 1899 as an office building, the property was converted to residential use in the early 2000s. The building features amenities including a fitness center, children’s playroom and tenant lounge, as well as newly constructed penthouse apartments.
A Meridian team of Helen Hwang, Karen Wiedenmann, Brian Szczapa, Yasmin Kheradpey, and Ernie Nichols represented the seller. Meridian’s Morris Betesh and Alex Bailkin negotiated the financing.
“15 Park Row is an iconic asset situated in one of Downtown’s best locations. The asset is the only rental building amongst Park Row’s luxury condominium row and enjoys spacious units with high ceilings and spectacular views of the World Trade Center, the Woolworth Building and Midtown,” said Helen Hwang, Senior Executive Managing Director and Head of Meridian’s Institutional Investment Sales Team.
“We’re proud to have been an advisor to the new ownership and have worked on their behalf to arrange financing to support their business plan. 15 Park Row is a historic property and we look forward to seeing it flourish as New York rebuilds,” said Morris Betesh, a Senior Managing Director of the firm’s mortgage brokerage division.