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575 Lexington Ave. Gets $415M in Refinancing

Paramount Group provided the loan to complete the Midtown tower’s repositioning.

575 Lexington Ave. 575 Lexington Ave.

NEW YORK CITY—A joint venture of Angelo Gordon & Co, Normandy Real Estate Partners and George Comfort & Sons received $415 million of floating-rate financing for 575 Lexington Ave., secured by the property. Paramount Group Inc.’s Paramount Fund VIII provided the loan.

The 35-story, 744,445 square-foot office tower is located on Lexington Avenue between E. 51st and E. 52nd streets in Midtown Manhattan. The property, also referred to as the Grolier Building, is currently 86% leased. Current office tenants include Weill Cornell Medical College and the law firm Boies Schiller, according to Real Capital Analytics. Retail tenants include New York Sports Club, Maison Kayser and Duane Read.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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