- A 310,000-square-foot office condominium at 521-533 W. 57th St. is 100% leased.
NEW YORK CITY—A Midtown office condominium on the West Side has been refinanced for $105 million. The 12-year loan is backed by 521-533 W. 57th St. and was arranged on behalf of 521-533 West 57th Street Associates by Meridian Capital Group.
Provided by a local savings bank, the financing features a fixed rate of 3.75% and five-years of interest-only payments. The transaction was negotiated by Meridian managing directors Allan Lieberman and Steven Adler; and VP Jeffrey Berkes.
The 310,000-square-foot property is an office condominium, occupying the first six floors of the 10-story building. It is 100% leased to three credit tenants, including investment grade LabCorp and CBS Broadcasting.
The building, which is owned by Himmel + Meringoff, is in close proximity to Columbus Circle and is a short walk from the A, C, B, D and 1 subway lines at the Columbus Circle station. The exterior features a granite and glass façade with 275 feet of frontage along West 57th Street and 150 feet of frontage along West 58th St.
“Lenders showed tremendous interest in the refinance of this asset, given its central location in the desirable Midtown West market,” explains Lieberman. “Meridian capitalized on the strong demand by lenders for this asset and sponsorship and leveraged this momentum to negotiate a competitive fixed rate for 12 years with five years of interest-only payments.”
Himmel + Meringoff has owned the building since late 2004. It was purchased for approximately $35 million, or $126 per square foot, from Townsend Capital.
- A 310,000-square-foot office condominium at 521-533 W. 57th St. is 100% leased.
Provided by a local savings bank, the financing features a fixed rate of 3.75% and five-years of interest-only payments. The transaction was negotiated by Meridian managing directors Allan Lieberman and Steven Adler; and VP Jeffrey Berkes.
The 310,000-square-foot property is an office condominium, occupying the first six floors of the 10-story building. It is 100% leased to three credit tenants, including investment grade LabCorp and CBS Broadcasting.
The building, which is owned by Himmel + Meringoff, is in close proximity to Columbus Circle and is a short walk from the A, C, B, D and 1 subway lines at the Columbus Circle station. The exterior features a granite and glass façade with 275 feet of frontage along West 57th Street and 150 feet of frontage along West 58th St.
“Lenders showed tremendous interest in the refinance of this asset, given its central location in the desirable Midtown West market,” explains Lieberman. “Meridian capitalized on the strong demand by lenders for this asset and sponsorship and leveraged this momentum to negotiate a competitive fixed rate for 12 years with five years of interest-only payments.”
Himmel + Meringoff has owned the building since late 2004. It was purchased for approximately $35 million, or $126 per square foot, from Townsend Capital.
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