JV Lands $72M Refi for Manhattan Office Building

April 30, 2026

Finance New York News Northeast More Office

The floating-rate loan will support the costs of future tenant rollover and repositioning.

Exterior shot of 430 Park Avenue in Midtown Manhattan — The mid-rise building was completely renovated in 2002. *Image courtesy of Yardi Matrix*

A joint venture between Oestreicher Properties, Midwood Investment & Development Inc. and Marx Realty has received a $72 million senior loan to refinance the leasehold interest in 430 Park Ave., a 19-story, 295,900-square-foot Class A office property in Midtown Manhattan.

Alternative investment management firm Axonic Capital provided the funding through its affiliated insurance business. That entity is AmFirst Insurance Co., according to Yardi Matrix information.

The floating-rate loan refinanced the existing senior debt and will also fund future tenant rollover and repositioning costs, including a comprehensive lobby renovation aligned with current office space trends.

Ackman-Ziff Real Estate Group arranged the transaction on behalf of the borrower.

Spanning the full block front between 55th and 56th streets in Midtown Manhattan, the property has a long and slightly convoluted history. Initially completed in 1920 as a residential building, it was then converted to office use in 1954. The joint venture has owned the property since that time and has extensively renovated it over the decades, including replacing the facade and achieving Certified LEED Gold status.

The building is currently 99 percent leased to a diverse tenant roster which includes financial services, real estate and law firms. In addition, the property is subject to a long-term unsubordinated net ground lease held by Omnispective Management, Yardi Matrix shows.

Strong leasing, lots of coworking

Manhattan’s office market is enjoying a surge in leasing momentum that brought the strongest first-quarter performance since 2014, according to a report from Cushman & Wakefield. The decline in vacancy took the borough down to 19.9 percent.

In the Park Avenue corridor, overall vacancy was 10.6 percent, on an inventory of 22.8 million square feet. The submarket saw about 83,000 square feet of net negative absorption in the first quarter.

In mid-March, Industrious announced that it will expand its space at Kato International’s Tower 49 in Midtown, to a total of 291,600 square feet, making it the world’s largest single flex office space. Industrious took over WeWork’s 240,000-square-foot headquarters space in 2024.