Manhattan’s Park Avenue Plaza Receives $75M Loan

A partnership between Fisher Brothers and Sungate Park Avenue Trust owns the 1.2 million-square-foot Class A office building located in the heart of the Plaza District.
Park Avenue Plaza
Park Avenue Plaza

New York Life Real Estate Investors provided a $75 million mezzanine loan for Park Avenue Plaza to a joint venture between Fisher Brothers and Sungate Park Avenue Trust. The 1.2 million-square-foot Class A office tower in Manhattan’s Plaza District received the seven-year term, fixed-rate loan. 

“Park Avenue Plaza is an outstanding, well-leased asset, located in one of the most prestigious submarkets in the nation,” Mark Young, New York Life Real Estate Investors’ senior director of its New York regional office, said in a prepared statement. “We are very pleased to continue our long-term relationship with Fisher Brothers, a premier real estate owner and operator.” 

A Strong Design

The 44-story building, located at 55 E. 52 St., was designed by Skidmore, Owings & Merrill and is currently home to several prominent financial firms. Park Avenue Plaza, completed in 1981, was most recently renovated in 2015.

Design elements include a green glass facade, column-free 45-foot interior spans, 12 corner offices on every floor, plus a glass-walled atrium lobby with a waterfall-side café and European-style luxury retail arcades.

In August, New York Life Real Estate Investors sold Centerpoint Plaza, a Class A multi-tenant office building in Carlsbad, Calif. New York Life Real Estate Investors’ portfolio stands at more than $51.9 billion in assets under management.

The loan comes just a few days after Pearlmark secured a $125 million loan for the refinancing of Tower 56, a Class A office building close by Park Avenue Plaza. In June, NKF Capital Markets and Cooper-Horowitz structured a $342 million loan to refinance 850 Third Ave., also in Midtown Manhattan.

Image courtesy of New York Life Real Estate Investors