NEW YORK CITY—Cushman & Wakefield has exclusively advised a joint venture in arranging a $98 million loan secured by 511-514 W. 25th St, a class-A office and retail/gallery property. The floating rate financing was provided by a German bank.
511-541 W. 25th St. is comprised of three buildings totaling 193,744 rentable square feet of office, retail and gallery/showroom space in the West Chelsea portion of Midtown South. The property is located in the heart of the West Chelsea Historic District, overlooking the High Line and surrounded by some of New York's premier art galleries. The property is 92% lease with a strong tenant base including Target Corporation, CD Network LLC and numerous elite gallery showrooms.
The Cushman & Wakefield equity, debt and structured finance team of Steve Kohn, Alex Hernandez and Alex Lapidus served as advisor to the joint venture. “The ownership is very experienced at repositioning properties of this type,” says Kohn, president.
Adds Hernandez, managing director, “The lenders understood the value-add proposition in this highly desired neighborhood within the strong Midtown South market,”
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