Cushman & Wakefield announced today that it arranged a $23,850,000 underlying mortgage loan for the Rockefeller Apartments, a two-building cooperative apartment complex located at 17 West 54th Street and 24 West 55th Street in Midtown Manhattan.
A Cushman & Wakefield Equity, Debt & Structured finance team of Steve Kohn, Mark Ehlinger and Alex Hernandez, served as the exclusive advisor to the cooperative/borrower in arranging the financing, which was provided by Principal Real Estate Investors. The new loan has a 30-year term and the proceeds will be used for various capital improvement projects and to pay off an existing loan that encumbered the property.
The Rockefeller Apartments were developed by the Rockefeller family and opened as a rental apartment community in 1936. The buildings were converted to cooperative ownership in 1953 and were designed as landmarks by the New York City Landmarks Preservation Commission in 1984.
“The cooperative’s Board of Directors considered a wide variety of loan proposals that we were able to procure, but they ultimately decided on a long-term deal in order to lock-in an interest rate that is extremely low based on historical standards,” said Ehlinger, a Cushman & Wakefield Managing Director.
The Board of Directors of the Rockefeller Apartments issued the following statement: "The Cushman & Wakefield team did a superb job for us. They were attentive to our special requirements, worked well with our Board, and tailored the financing structure to our needs."
Located directly north of the Museum of Modern Art, both buildings are 12 stories high, with facades that feature distinctive columns of curved bay windows. A 7,600-square-foot landscaped interior courtyard separates the two buildings.
In making its designation, the Landmarks Preservation Commission noted that, “in their simplicity, their use of industrial materials, their smooth wall surfaces, and especially their fenestration, these two brick apartment houses exemplify early International Style design in the United States.”