NEW YORK CITY—Cushman & Wakefield has exclusively advised ajoint 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 buildingstotaling 193,744 rentable square feet of office, retail andgallery/showroom space in the West Chelsea portion of MidtownSouth. The property is located in the heart of the West ChelseaHistoric District, overlooking the High Line and surrounded by someof New York's premier art galleries. The property is 92% lease witha strong tenant base including Target Corporation, CD Network LLCand numerous elite gallery showrooms.
The Cushman & Wakefield equity, debt and structured financeteam of Steve Kohn, Alex Hernandez and Alex Lapidus served asadvisor to the joint venture. “The ownership is very experienced atrepositioning properties of this type,” says Kohn, president.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
