NEW YORK, NY – Joint-venture partners ZG Capital and Rialto Capital Management have secured a $175 million capitalization for the acquisition and renovation of a 20-story, premier office tower located at 45 E. 53rd St. in Midtown Manhattan.
ACRES Capital provided the loan to finance the acquisition and fund the comprehensive renovation plan, and Newmark arranged the future capitalization for the firms. Of the capital, $120 million will come from the loan and $55 million will come from equity.
Located in Midtown's Plaza District, the boutique office tower, Park 53, spans 129,000 square feet and features a glass and steel façade. Situated on the corner of 53rd St. and Park Ave., the property was originally developed in 1991 as Santander Bank's New York City headquarters.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
