The property also features ground floor retail space. Allan Lieberman of Meridian's New York office negotiated on behalf of the borrower to secure a fixed-rate of 5.75% upon application. GlobeSt.com learned that the owner of 1133 Broadway is locally based Kew Management Corp., although Meridian would not comment on or confirm the buyers' identity at this time. A Meridian release states that the borrower is a "long established real estate family that has owned and operated the property for the past 35 years." Kew Management, founded 50 years ago by the Spira family, did not respond to GlobeSt.com's queries for confirmation and further detail by deadline.
Meridian was able to close the loan within 25 days. The lender did not require escrows for tenant improvements, leasing commissions or replacement reserves.
Built in 1896, the building, located at the corner of 26th Street along the perimeter of famed Madison Square Park, has undergone significant renovations designed "to restore its pre-war eminence." Designed by renowned architect Bruce Price, the building is a combination of stone, brick, terra cotta, iron and copper. According to Kew Management's website, office tenants include MDEA Inc., American Farm School, Binney & Smith Inc., Carl Puchall Associates, Gerard J. Picaso Inc., Inspiration Day Spa, Jordan, Gill and Dornbaum Talent, Marschallin + Sachs, Social Circle LLC, the Via Group, and Urban Outings. Retail tenants include Back to Africa Imports, JMN Fashion, and My Place Deli.
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