NEW YORK CITY—SL Green Realty has closed on a new $600 million construction facility for 410 Tenth Ave., the REIT's 636,000 square foot Manhattan office redevelopment anchored by Amazon and First Republic Bank. The loan was provided by a consortium of domestic and international banks led by Goldman Sachs and Wells Fargo Bank.
At closing, the new 5-year facility replaces the previous $465 million construction facility that was put in place in 2019, with SL Green repatriating $33.9 million.
"This financing reflects the global capital market's continued confidence in Class-A, quality Manhattan office assets with strong, credit rated tenants, and specifically exemplifies the resiliency of New York City," said Andrew Mathias, president of SL Green in prepared remarks. He added that the project will be completed in the third quarter of 2021.
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SL Green has been redeveloping the 20-story property once known as the Master Printers Building with an eye to honoring its industrial heritage. The redevelopment will include a relocation of the building's lobby entrance from 34th Street to 33rd Street, construction of a new glass encased steel lobby paired with new 9-foot-high industrial style windows, new elevators, double height storefronts, and façade re-coloring.
There will also be a new 5,000-square-foot roof deck along with a 3,000-square-foot tenant lounge. Office floors have 13.5-foot slab heights with mushroom-capped columns.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
