Empire State Realty Obtains $180M Loan for NYC Tower
- Nov 13, 2020
Empire State Realty Trust has received a $180 million mortgage loan for a 542,000-square-foot office and retail high-rise in Midtown Manhattan. Estreich & Co. arranged the interest-only financing, which bears a fixed rate of 2.83 percent and is set to mature in December 2030.
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Located just two blocks from Central Park at 250 W. 57th St., the 26-story tower is within walking distance of Carnegie Hall, Time Warner Center, Lincoln Center and Nordstrom’s future flagship location. Additionally, the property offers in-building access to the Time Warner Center/Columbus Circle subway station and street access to other 11 subway lines. Office tenants include Universal Music Group, GuildNet, ASCAP and Mount Sinai, as well as COOKFOX Architects, which received the first WELL Gold and LEED Platinum certifications in NYC for its space in the building. Retail tenants include HSBC Bank, Bank of America, AT&T and T.J. Maxx.
Originally completed in 1921, the building underwent a significant renovation in 2017. Improvements included a new Gensler-designed lobby, elevators and storefronts, new windows, as well as upgrades to building-wide systems such as state-of-the-art electrical, plumbing, HVAC and security.
The announcement comes less than a month since Empire State Realty Trust welcomed Centric Bands at the Empire State Building. The tenant has signed for 212,154 square feet of space at the 2.8 million-square-foot Midtown landmark.