October 13, 2017
SL Green Realty Corp. and its partner, Jeff Sutton’s Wharton Properties, have borrowed $225 million from Aareal Bank to refinance the retail space at 650 Fifth Ave., a 36-story, 382,500 square-foot office tower in the Plaza District of Midtown Manhattan.
SL Green and Wharton Properties bought a 49-year leasehold on 30,000 square feet of retail space at the tower, and immediately set about expanding the retail space with extra floors. Nike later leased 70,000 square feet of retail space at the tower.
The loan replaces a previous $97 million Aareal mortgage from 2014, and provides an additional $128 million in bridge financing, according to reporting in the Commercial Observer.
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