NEW YORK CITY—The ownership of the office component of the storied Woolworth Building at 233 Broadway here has refinanced that portion of the property.
Blackstone has reportedly provided $320 million in financing to the partnership of the Witkoff Group and Cammeby's International, which acquired the property in 1988 for $126.5 million, according to Real Estate Capital. The new loan refinances a previous $250-million CMBS loan. The remainder of the financing originated by REIT Blackstone Mortgage Trust will fund renovation costs.
The previous loan was originated in 2005 by Bank of America and split between a $200-million A-note and a $50-million B-note. In 2012, the Witkoff Group and Cammeby's International, who are the majority owners of the Woolworth Building, sold the top 30 floors of the building to Alchemy Properties for $69 million.
Alchemy is planning to bring to the market luxury condominiums at the upper floors of the copper-domed building. The Woolworth building was designed by architect Cass Gilbert and completed in 1913. The 792-foot tower was the tallest building in the world at the time. It surrendered its lofty mantle in 1930 with the completion of the Chrysler Building in 1930. See story at Real Estate Capital.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.