50 Broadway Lands $62M in Financing
- Apr 13, 2017
Cushman & Wakefield served as the exclusive advisor to an affiliate of the United Federation of Teachers Local 2, American Federation of Teachers and AFL-CIO, in arranging a $62 million loan for 50 Broadway in Manhattan. The 10-year, fixed-rate financing was provided by an affiliate of Citigroup Global Markets.
The 37-story, 352,000-square-foot office and retail building is leased to over three dozen tenants including Seaport Electronics, YWCA, Regency International, CAA, Li-Saltzman Architects PC and the UFT and its affiliates. The UFT purchased the asset in 2002 for $54 million and is leasing a total of 90,000 square feet. The company also net leased the adjacent 52 Broadway, a 400,000-square-foot building. It maintains its headquarters within the two buildings.
Cushman & Wakefield is the leasing and managing agent for both UFT locations. The 50 Broadway asset is currently 93.5 percent leased with five spaces available, and is undergoing lobby renovations.
The Cushman & Wakefield Equity, Debt and Structured Finance team of Steve Kohn, Mark Ehlinger and Michael Collins arranged the financing, assisted by the Cushman & Wakefield Leasing Agency team of Mark Boisi and Stephen Bellwood on behalf of the UFT.
Image courtesy of Yardi Matrix