HFF Arranges Financing for One-of-a-Kind Building on 52nd Street
- Oct 20, 2015
A six-story commercial condo sitting at the base of a residential tower between 6th and 7th Avenues in Midtown Manhattan recently received financial help.
HFF announced this week it arranged $33.75 million in financing for the 55,000-square-foot office condo that’s part of the Chetrit Group’s 47-story, 109-unit luxury conversion at 135 W. 52nd St. The three-year, floating-rate loan was placed with a mid-size bank, and loan proceeds were used to finance the property acquisition and have been allocated towards leasing the available space.
Snior managing director Andrew Scandalios and Associate Director Christopher Peck led the HFF debt placement team that negotiated the loan on behalf of the borrower.
The six-story space—which has its own lobby entrance on the ground floor and its own separate address: 133 W. 52nd St.—was purchased in September by a joint venture between MRP Realty and Long Wharf Real Estate Partners. The duo paid approximately $36.3 million for the asset, The Real Deal reported.
The property at 133 W. 52nd St. is set to be leased to a variety of tenants such as corporate users, creative tech companies, retailers, and medical companies.
Formerly known as the Flathotel, the building on West 52nd Street was purchased two years ago for $180 million by the Chetrit Group who immediately embarked into a multi-million gut renovation of the property, according to Crain’s New York Business.
Rendering via Long Wharf Real Estate Partners