Williams Equities Secures $155M for Manhattan Property
Proceeds will replace an existing loan due to mature this summer.
Williams Equities has landed a $155 million CMBS loan to refinance a Manhattan office asset. Citi Real Estate Funding Inc. provided the five-year financing for the property located at 28-40 W. 23rd St.
Proceeds replace existing debt and will fund upgrades to the property and its amenities. In 2014, Williams Equities took out a $140 million CMBS loan from Deutsche Bank, due to mature this July, according to CommercialEdge information.
“This difficult financing environment favors best-in-class assets with stabilized income,” Andrew Roos, principal at Williams Equities, told Commercial Property Executive. “This new CMBS refinance with Citi also enables us to recognize proceeds that will allow us to provide additional amenities for the complex, including a significant upgrade to the atrium and a new sky deck, providing outdoor space for tenants,” he added.
Roos worked together with Principals Michael T. Cohen and Robert Getreu, as well as with Senior Advisors Jessica Verdi and Mac Roos, in facilitating the deal. Citigroup’s Joe Dyckman represented the lender.
The Flatiron District property, up close
The two-building complex totaling 578,105 square feet formerly housed the Stern Brothers department store. The 12-story retail asset was originally completed in 1879 and 1901 and converted to office use in 1982, CommercialEdge data shows. Floorplates range between 25,000 and 67,500 square feet.
Office tenants include Estee Lauder and Ramp, a fintech company which decided to relocate its Manhattan offices to the property last September. Home Depot anchors the retail component of the complex with space on the lower level, ground floor and mezzanine totaling 118,500 square feet.
READ ALSO: Top 5 NYC Office Sales – February 2024
Over the past several years Williams Equities has already completed improvements to the asset including new lobbies and a more energy efficient infrastructure.
Anticipated upgrades will target the atrium, skylights and roof deck amenity space on the 28 W. 23rd St. building. Williams Equities also plans to create a triplex penthouse suite with private outdoor space atop 40 W. 23rd St.
Situated between Fifth and Sixth Avenue in the Flatiron District, the office asset is within a couple blocks of dining and retail options as well as Madison Square Park. Several subway lines and bus routes are nearby.
You must be logged in to post a comment.