Empire State Realty secures $ 180 million loan for New York Tower
Estreich & Co. arranged mortgage financing for 250 W. 57th St., a 26-story building in Midtown Manhattan.
Empire State Realty Trust Received $ 180 Million Mortgage for 542,000 Square Foot Land high-rise offices and shops in midtown Manhattan. Estreich & Co. has arranged the interest-only financing, which bears a fixed rate of 2.83% and is due 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 the future flagship location of Nordstrom. In addition, the property offers in-building access to the Time Warner Center / Columbus Circle subway station and road access to 11 other 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 New York for its space in the building. Retail tenants include HSBC Bank, Bank of America, AT&T and TJ Maxx.
Originally completed in 1921, the building underwent extensive renovations in 2017. Upgrades included a new Gensler-designed lobby, elevators and storefronts, new windows, as well as system upgrades to building scale such as peak electricity, plumbing, HVAC and security.
The announcement comes less than a month since the Empire State Realty Trust hosted Centric Bands at the Empire State Building. The tenant has signed up for 212,154 square feet of space in the 2.8 million square foot Midtown landmark.