Plaza District MXD Secures Refinancing Funds

NEW YORK CITY—APF Properties has secured $60 million in permanent financing to refinance a mixed-use property in the Plaza District.

The New York Gallery Building, located at 24 W. 57th St., is a 10-story, 110,000-square-foot mixed-use property, built in 1920. The Art Deco style block-through building connects to 25 West 56th Street. APF acquired the asset in June 2006 for $69 million and invested significant capital into renovating the lobby, corridors, fire alarm system, windows and elevators.

The property features high ceilings throughout and includes notable tenants Marian Goodman Gallery and Mosafer. The building is in close proximity to public transportation, including the F, N, Q, R, E and M subway lines.

The seven-year loan, provided by Wells Fargo, features an exceptionally low floating rate and full-term interest-only payments. This transaction was negotiated by Meridian Tal Bar-Or, senior managing director, Meridian Capital Group, and VP Raj Khatiwala who both are based here.

“Wells Fargo and APF Properties have an ongoing relationship and Meridian is happy to extend and deepen it,” explains Bar-Or. “The APF team has worked closely with Meridian on several transactions and we look forward to continuing to build on these successes together.”

NEW YORK CITY—APF Properties has secured $60 million in permanent financing to refinance a mixed-use property in the Plaza District.

The New York Gallery Building, located at 24 W. 57th St., is a 10-story, 110,000-square-foot mixed-use property, built in 1920. The Art Deco style block-through building connects to 25 West 56th Street. APF acquired the asset in June 2006 for $69 million and invested significant capital into renovating the lobby, corridors, fire alarm system, windows and elevators.

The property features high ceilings throughout and includes notable tenants Marian Goodman Gallery and Mosafer. The building is in close proximity to public transportation, including the F, N, Q, R, E and M subway lines.

The seven-year loan, provided by Wells Fargo, features an exceptionally low floating rate and full-term interest-only payments. This transaction was negotiated by Meridian Tal Bar-Or, senior managing director, Meridian Capital Group, and VP Raj Khatiwala who both are based here.

“Wells Fargo and APF Properties have an ongoing relationship and Meridian is happy to extend and deepen it,” explains Bar-Or. “The APF team has worked closely with Meridian on several transactions and we look forward to continuing to build on these successes together.”