NEW YORK CITY-GE Real Estate has provided a $73.4-million, five-year flexible fixed-rate loan to an affiliate of Walter & Samuels Inc. for the refinance of a class B office building located at 304 Park Ave. S. in Lower Midtown. The property is currently 98% leased.
Built in 1930 and renovated over the past few years, the corner property is an 11-story, 203,168-sf office asset with prime corner retail space. "We are excited to expand our interests in this very strong market and value the local experience that Walter & Samuels offers," notes David Cohen, eastern regional director of GE Real Estate. "Demand for office space in Manhattan is exceeding supply, and this is an ideal time to increase our interests in the city."
"We appreciate the efficiency and flexibility with which GE Real Estate closed this deal, despite the current volatility in the real estate market," says David Berley, the principal of Walter & Samuels and managing member of the affiliate borrower, in a release. "This property is well-located in an area with strong rent growth and high occupancy rates. We're excited to complete the refinance of this property."
Office tenants include Capitol Records Inc., Comp-Info Inc./Humming Bird, ING Models Inc., Virgo Business Center and World Publications Inc. Retail tenants include Bath & Body Works, H&R Block, Hallmark, Starbucks and Time Warner Cable.
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Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
