Solow Building Gets $1.8 Billion Refi From Bank of America
The Soloviev Group recently announced the successful refinancing of its flagship tower, 9 W. 57th St. Bank of America — along with Wells Fargo and Citi Real Estate Funding — originated a $1.8-billion, interest-only, fixed-rate commercial mortgage loan for the property, which will be maturing in June 2031, according to S&P Global.
“This refinancing is a clear validation of the strength of 9 West 57th Street and the collaborative success of lead lender Bank of America, and secondary leads Wells Fargo and Citibank,” said Stefan Soloviev, chairman of Soloviev Group.
Combining iconic architecture, sweeping Central Park views, and an unparalleled tenant experience, 9 W. 57th St. continues to hold a high standard among trophy assets. The 50-story property incorporates more than 1.6 million square feet of rentable Manhattan office space and wrapped up renovations last year.
Work on the iconic Billionaires’ Row building included upgrades to the lobby, elevators and building systems technology. Additionally, improvements to the tenant experience included: the addition of an amenity floor — 20,000 square feet offering exceptional Central Park views; modern conferencing; a multifunctional meeting space; a grab-and-go coffee bar; executive dining; and a hospitality area.
Located in the Plaza District submarket, the Solow Building has attracted one of the strongest rosters of commercial tenants in New York City in the last several years, most recently signing HBeyond, the U.S. Soccer Federation, Hess Group, Beaconlight Capital and Platinum Equity. Meanwhile, long-term large footprint occupiers in the building include Apollo Global Management, CHANEL, Loews Corporation, Qatar Investment Authority, Coatue, Veritas and Standard Industries.
Fresh off a record office deal that saw a private international family office sign a 10-year lease for an average of $327.50 per rentable square foot in the building’s top floor, the recent refinancing loan issued adds to the validation of the Class-A building’s exceptional quality, strong tenant demand and continued outperformance at the top of the market.