NEW YORK CITY-Capital One Bank has provided a $90 million, 10-year term mortgage loan to 488 Madison Avenue Associates, LLC, to refinance the office building at 488 Madison Ave. The property, which is owned by the Feil Organization, is located at east 51st street, in the Plaza District submarket of Manhattan, with frontage on Madison avenue and adjacent to Saint Patrick's Cathedral.
The 23-story building has 426,000 square feet of office space and 20,000 square feet of prime retail space along one of the nation's most well-known retail boulevards. The property was constructed in 1949 by the Uris Bothers and purchased by Feil in the 1970s. The curved, multi-tiered office building has been designated as a historic landmark by the NYC Landmarks Preservation Commission.
“We are excited to work with the Feil Organization and 488 Madison Avenue Associates to refinance such a distinctive property,” says Ben Stacks, greater New York market manager, Capital One Bank commercial real estate. “This is a great opportunity to partner with an industry-leading organization.”
“The Capital One Bank team recognized the value of this flagship property and was committed to finding an effective financial solution to help us refinance 488 Madison,” says Jeffrey Feil, president and CEO of the Feil Organization.
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