January 14, 2017
The partnership that owns 521-533 West 57th Street have taken out a 12-year, $105 million loan, provided by a local savings bank, featuring a fixed rate of 3.75% and five years of interest-only payments.
That’s a very long term — most permanent loans end with a balloon payment after ten years or less.
“Lenders showed tremendous interest in the refinance of this asset, given its central location in the desirable Midtown West market,” explained Allan Lieberman managing director for Meridian Capital Group New York City office, which brokered the loan.
The property is a 310,000 square-foot office condominium on the first six floors of its 10-story building, and is 100 percent leased to three prominent tenants including LabCorp and CBS Broadcasting.
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