{"id":50064,"date":"2026-06-22T07:24:14","date_gmt":"2026-06-22T04:24:14","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=50064"},"modified":"2026-06-11T11:41:26","modified_gmt":"2026-06-11T08:41:26","slug":"138-million-refinancing-recapitalization-locked-in-for-370-lexington-ave","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/138-million-refinancing-recapitalization-locked-in-for-370-lexington-ave\/","title":{"rendered":"$138 Million Refinancing & Recapitalization Locked in for 370 Lexington Ave."},"content":{"rendered":"

A $138 million refinancing and recapitalization has been finalized for 370 Lexington Ave., a recently modernized, 317,000-square-foot Manhattan, N.Y., office space<\/a> within the city\u2019s Grand Central submarket. The transaction was announced by the New York City-based real estate investment and development firm Broad Street Development (BSD) and real estate investment, development and operating firm KSR Capital.<\/p>\n

ACORE Capital extended the owner a $110 million senior loan that was used to pay off the previous lender, Invesco. Brokerage and advisory services were managed by multiple teams: CBRE\u2019s Peter Greisinger arranged the financing, while CBRE\u2019s Pat Arangio, Jack Stillwagon and Doug Middleton advised Invesco. The borrowers were represented by Eli Dweck and his team from Wachtel Missry LLC, while the international law firm of King & Spalding acted on behalf of ACORE.<\/p>\n

The building sits one block from Grand Central Terminal, offering seamless access to Metro-North, Grand Central Madison, multiple subway lines and the regional transportation network. Ownership now intends to inject an additional $10 million into capital projects, tenant improvements and leasing efforts to further modernize the property.<\/p>\n

\u201c370 Lexington Avenue represents exactly the type of investment opportunity we seek \u2014 an exceptionally well-located asset with strong fundamentals, leasing momentum and long-term upside,\u201d said Abraham J. Kassin, principal of KSR Capital. \u201cWe have tremendous respect for the Broad Street Development team and are excited to partner with BSD and ACORE Capital as the property continues to benefit from the resurgence of the Grand Central office market.\u201d<\/p>\n

Under BSD\u2019s management, 370 Lexington Ave. has established itself as a destination for small and mid-sized tenants seeking upgraded workspace with premier transit access by commanding rental rates in the low- to mid-$60-per-square-foot range. Originally built in 1927, the Art Deco tower was designed by architect William Van Alen just before he completed the iconic Chrysler Building. BSD previously owned the asset from 2006 to 2008 before reacquiring it in 2018 to execute a comprehensive repositioning strategy centered on capital and operational improvements.<\/p>\n

\u201cWe are deeply invested in this property as stewards and have been connected to 370 Lexington for two decades. This refinancing and recapitalization marks an important new milestone for the property, reflecting the strength of both the asset and our continued business plan,\u201d said Ray Chalme, principal of Broad Street Development. \u201cStrong leasing activity, consistent tenant demand and the building\u2019s location adjacent to Grand Central position it well for continued success.\u201d<\/p>\n

This capitalization follows a wave of robust leasing velocity. In 2025, the property secured leases accounting for more than 28% of its total square footage with BSD executing roughly 69,000 square feet of new agreements and 25,000 square feet of renewals. Momentum then accelerated during the last six months, during which the building saw more than 40,000 square feet of leasing activity, elevating occupancy from 82% to 92%.<\/p>\n

Consequently, the property has minimal remaining vacancy. Existing tenants include pediatric healthcare provider Coral Care \u2014 which delivers personalized, in-home occupational, physical and speech therapy \u2014 and social media agency Sircle Media, which specializes in digital marketing, graphic design, social strategy and retail support.<\/p>\n","protected":false},"excerpt":{"rendered":"

A $138 million refinancing and recapitalization has been finalized for 370 Lexington Ave., a recently modernized, 317,000-square-foot Manhattan, N.Y., office space within the city\u2019s Grand Central submarket. The transaction was announced by the New York City-based real estate investment and development firm Broad Street Development (BSD) and real estate investment, development and operating firm KSR Capital.<\/p>\n","protected":false},"author":56,"featured_media":50065,"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":true,"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-50064","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":"\n$138 Million Recap for 370 Lexington Ave. | CommercialCafe<\/title>\n<meta name=\"description\" content=\"A $138 million refinancing and recapitalization has been 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