NEW YORK CITY—BLDG Management and Crown Acquisitions have secured $150 for a refinancing of a retail and office property located in Midtown, on the West Side.
The property, 1 W. 34th St., is a 12-story, 212,000-square-foot pre-war building that features 88 office spaces and three retail spaces. Located in a major Manhattan office market, the asset was built in 1906.
Tenants include Duane Reade and Bank of America and the building features more than 250 total feet of street frontage. The retail corridor along 34th Street between Fifth and Sixth Avenues has some of the heaviest pedestrian traffic here.
The 10-year CMBS loan, provided by Wells Fargo and Goldman Sachs, features a fixed rate of 4.31% and full-term interest-only payments. The transaction was negotiated by Meridian Capital Group managing director Carol Shelby, who is based here.
“The existing loan was entering its amortization period and given the property's prime location and strong 96% occupancy, Meridian was able to negotiate a new 10-year interest-only loan,” says Shelby.
Located within walking distance of the 1, 2, 3 subway lines and the Long Island Railroad at Penn Station, 1 W. 34th St. is within as well as the N, Q, R, W, B, D, F, M subway lines at the Herald Square station.
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The property, 1 W. 34th St., is a 12-story, 212,000-square-foot pre-war building that features 88 office spaces and three retail spaces. Located in a major Manhattan office market, the asset was built in 1906.
Tenants include
The 10-year CMBS loan, provided by
“The existing loan was entering its amortization period and given the property's prime location and strong 96% occupancy, Meridian was able to negotiate a new 10-year interest-only loan,” says Shelby.
Located within walking distance of the 1, 2, 3 subway lines and the Long Island Railroad at Penn Station, 1 W. 34th St. is within as well as the N, Q, R, W, B, D, F, M subway lines at the Herald Square station.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
