{"id":34836,"date":"2022-12-09T10:56:04","date_gmt":"2022-12-09T07:56:04","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=34836"},"modified":"2025-03-25T14:23:41","modified_gmt":"2025-03-25T11:23:41","slug":"empire-capital-lands-215-million-acquisition-loan-for-midtown-office","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/empire-capital-lands-215-million-acquisition-loan-for-midtown-office\/","title":{"rendered":"Empire Capital Lands $215 Million Acquisition Loan for Midtown Office"},"content":{"rendered":"

A group of investors, led by Empire Capital Holdings, has landed a $215 million loan from Deutsche Bank for a 40-story Manhattan office building<\/a>. The move allows the joint venture \u2014 which also includes the likes of CH Capital Group, Creed Equities and Nassimi Realty \u2014 to finance its $320 million acquisition of 1330 Avenue of the Americas. Elliott Kunstlinger and Drew Anderman of Meridian Capital Group, along with an Eastdil Secured team, arranged the financing deal.<\/p>\n

\u201cIn an extremely challenging market for office financing, we needed to get creative on the placement of this loan,\u201d Kunstlinger said. \u201cHaving the right combination of lender and sponsor was a big contributor [to] getting the loan closed.\u201d<\/p>\n

Previous owners Blackstone and RXR\u2019s initial asking price was approximately $350 million for the tower. However, the final deal that the parties eventually agreed upon will mostly be used toward the $285 million debt on the building that RXR took out from DekaBank in 2018.<\/p>\n

Located between West 53rd and West 54th streets, the tower totals 525,825 square feet. Built in 1965 and renovated in 2007, the Emery Roth & Sons-designed building has had a tumultuous couple of decades. Purchased at the height of the commercial real estate market in 2006 by Harry Macklowe, it commanded a whopping $498 million<\/a>. Three years later, in the midst of the financial crisis, Macklowe had to auction it off. In 2010, RXR bought the tower off Otera for about $400 million. Five years later, Blackstone became the majority stake owner after it scooped up the property as part of a six-asset portfolio deal.<\/p>\n

Currently, 1330 Avenue of the Americas is 90% leased, boasting Knoll, CKR Law and Silvercrest Asset Management Group among its tenants.<\/p>\n

Whether you\u2019re running an established business or a startup, CommercialCafe.com<\/a> can provide you with the best office space listings throughout Manhattan, as well as several other major U.S. markets.<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Jersey City offices<\/a><\/td>Los Angeles offices<\/a><\/td>Fort Lauderdale offices<\/a><\/td>\n<\/tr>\n
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Atlanta offices<\/a><\/td>Washington, D.C. offices<\/a><\/td>Manhattan offices<\/a><\/td>\n<\/tr>\n
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Brooklyn offices<\/a><\/td>Queens offices<\/a><\/td>Pittsburgh offices<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

Located between West 53rd and West 54th streets, the tower totals 525,825 square feet. Built in 1965 and renovated in 2007, the Emery Roth & Sons-designed building has had a tumultuous couple of decades. Purchased at the height of the commercial real estate market in 2006 by Harry Macklowe, it commanded a whopping $498 million. Three years later, in the midst of the financial crisis, Macklowe had to auction it off. In 2010, RXR bought the tower off Otera for about $400 million. Five years later, Blackstone became the majority stake owner after it scooped up the property as part of a six-asset portfolio deal.<\/p>\n","protected":false},"author":56,"featured_media":34838,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-34836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nEmpire Capital Lands $215 Million Acquisition Loan for Midtown Office - CommercialCafe<\/title>\n<meta name=\"description\" content=\"A group of investors, led by Empire Capital Holdings, has landed a $215 million loan for a 40-story Manhattan office building. 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