Cushman & Wakefield announced today that it served as the exclusive advisor to affiliates of Silverstein Properties, Inc. and Loeb Partners Realty, LLC in arranging an $85 million loan for 529 Fifth Avenue in New York. The seven-year financing was provided by Wells Fargo.
Ideally located at the confluence of Manhattan’s most prominent and major submarkets, the Plaza District, Sixth Avenue/Rockefeller Center, and Grand Central, 529 Fifth Avenue enjoys one of the best office and retail locations in the world.
529 Fifth Avenue is a 19-story institutional quality office building located on the east side of Fifth Avenue between East 43rd Street and East 44th Street. The Property contains 282,696 square feet of rentable area, including 18 floors of office space, with retail on the ground, mezzanine and basement floors. The Property is designed with five setbacks creating five separate classes of floor plates, enabling the property to accommodate a myriad of tenants’ space requirements.
Steve Kohn, Dave Karson, Alexander Hernandez, and Sridhar Vankayala of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented the ownership.
“The property has strong in-place cash-flow with great upside potential,” said Alex Hernandez, Managing Director. Steve Kohn, President Cushman & Wakefield Equity, Debt and Structured Finance, added that “the Silverstein/Loeb sponsorship, with deep operating expertise in New York, was highly appreciated by the lending community.”