TF Cornerstone announced that longtime financing intermediary Singer & Bassuk has secured a $325 million refinancing for the trophy office property at 152 West 57th Street This is the fifth time that SBO has arranged debt on behalf of TFC since 1988. According to the Wall Street Journal, the Metropolitan Life Insurance mortgage loan carries a 15-year term and an interest rate of under four percent.
The 542,584-square-foot Carnegie Hall Tower, located on Manhattan’s “Billionaire’s Row,” is one of the city’s most impressive office locations. Designed by César Pelli and completed in the late 1980s, the tower won an Honor Award from the American Institute of Architects. Rising 60 stories high into the iconic skyline, many of its floors offer stunning views of New York City that extend over Central Park, the Hudson and East Rivers and even to the Atlantic Ocean.
The award-winning Midtown Manhattan office building features 9-foot-high ceilings and above-standard, marble reception areas with wood and glass finishes throughout, on each floor. The property offers 24/7 full concierge services, on-site operations staff, a messenger center for all outgoing and incoming packages and a security card access system. Furthermore, its Plaza District location makes it easily accessible by all forms of public and private transportation.
TF Cornerstone’s Senior Vice President Jake Elghanayan highlighted in a statement that “this is truly a multi-generational property and one that the family is extremely proud of. Our senior generation was transformational in extending the Plaza District to the west with the development of Carnegie Hall Tower. Now the younger generation hopes to continue that legacy and maintain a beautiful and unique office building.”
Chairman & CEO of The Singer & Bassuk Organization Andrew Singer added that “as one of the great real estate families of New York City, TFC’s principals have demonstrated a keen ability to ignite neighborhood growth and triumph over industry-wide obstacles for six decades. Playing a role in their successful projects has been a tremendous honor and we are excited to have completed yet another milestone financing for them.”
Notable tenants include law firm Grubman Shire & Meiselas and financial firms Kingdon Capital and Greystone and Co. According to Real Estate Weekly, Greystone renewed and expanded its Carnegie lease last year in May, from 40,000 to 55,000 square feet of Theatre District – Times Square office space.
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