Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-With no existing debt on the property, the owner of the Art-Deco landmark Salmon Tower near Bryant Park, took advantage of the current low interest rate environment and put on low-leveraged, fixed-rate permanent financing in the amount of $125 million.

Keith Braddish, of LJ Melody & Co.’s New York City office, arranged the financing for the 646,350-sf class A property located at 500 Fifth Ave. LJ Melody is the financing arm of CB Richard Ellis. New York Life Insurance Co. provided the funding on behalf of the borrower, a private client advised by L&B Realty Advisors of Dallas.

Tenants such as WW Norton, Organization Resources, Royal Abstract Co., Nat Sherman, and the 500 Fifth Ave. Watch Co. occupy the 95% leased property, which was designed by Shreve, Lamb & Harmon, the architects of the Empire State Building. The 60-story Salmon Tower, built as the Empire State Building’s immediate precursor, shares the same recessed tower façade theme. Available space is advertised from $42 per sf to $52 per sf. Retail space ranges from $180 per sf to $250 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.