{"id":1004163475,"date":"2017-01-09T02:48:11","date_gmt":"2017-01-09T10:48:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004163475"},"modified":"2022-12-06T17:17:44","modified_gmt":"2022-12-07T01:17:44","slug":"manhattan-office-asset-lands-105m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/","title":{"rendered":"Manhattan Office Asset Lands $105M Refi"},"content":{"rendered":"

By Veronica Grecu<\/em><\/p>\n

New York City<\/strong>\u2014Meridian Capital Group has arranged a 12-year refinance loan provided by a local savings bank for an office condominium that occupies the first six floors of the 10-story building at 521-533 W 57th<\/sup> St. in Manhattan\u2019s Midtown West neighborhood. The property is fully occupied and serves as the corporate headquarters of the International Flavors & Fragrances. Other tenants include CBS Broadcasting, Labcorp and the Multiple Sclerosis Research Center of New York.<\/p>\n

\"521-533<\/a>

521-533 W 57th St.<\/p><\/div>\n

The $105 million loan features a fixed rate of 3.75 percent and five years of interest-only payments. Meridian\u2019s team consisting of Managing Director Allan Lieberman, Managing Director Steven Adler and Vice President Jeffrey Berkes negotiated the transaction on behalf of 521-533 West 57th Street Associates, an entity associated with Himmel + Meringoff Properties.<\/p>\n

Lenders showed tremendous interest in the refinance of this asset, given its central location in the desirable Midtown West market,\u201d Meridian\u2019s Allan Lieberman said in prepared remarks. \u201cMeridian capitalized on the strong demand by lenders for this asset and sponsorship and leveraged this momentum to negotiate a competitive fixed rate for 12 years with five years of interest-only payments.\u201d<\/p>\n

Located between 10th<\/sup> and 11th<\/sup> Avenues, close to Time Warner Center, Hearst Publishing and Columbus Circle, the 480,000-square-foot office building was completed in 1927 and originally served as an automobile showroom and factory building. In 2004, Himmel + Meringoff Properties acquired a 61.1 percent ownership stake in the property\u2014that is the condominium ownership of the first six floors totaling 310,000 square feet of space\u2014from Townsend Capital for $56.5 million and went on to convert the asset into Class A office space and biotech center. According to Yardi Matrix, Weinreb Management paid nearly $111 million for the remaining ownership stake in the property in August 2007.<\/p>\n

Image courtesy of Himmel + Meringoff Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The property\u2019s tenants include International Flavors & Fragrances, CBS Broadcasting, Labcorp and the Multiple Sclerosis Research Center of New York.<\/p>\n","protected":false},"author":258,"featured_media":1004163478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[32785],"class_list":["post-1004163475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-yardi-matrix"],"acf":[],"yoast_head":"\nManhattan Office Asset Lands $105M Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Office Asset Lands $105M Refi\" \/>\n<meta property=\"og:description\" content=\"The property\u2019s tenants include International Flavors & Fragrances, CBS Broadcasting, Labcorp and the Multiple Sclerosis Research Center of New York.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-09T10:48:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T01:17:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/521_West_57th_Street1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"594\" \/>\n\t<meta property=\"og:image:height\" content=\"445\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/\"},\"author\":{\"name\":\"Veronica Grecu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/e8362e8641769829162f16fe58091f62\"},\"headline\":\"Manhattan Office Asset Lands $105M Refi\",\"datePublished\":\"2017-01-09T10:48:11+00:00\",\"dateModified\":\"2022-12-07T01:17:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/\"},\"wordCount\":310,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/01\\\/521_West_57th_Street1.jpg\",\"keywords\":[\"Yardi Matrix\"],\"articleSection\":[\"Featured\",\"Finance\",\"New York\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/\",\"name\":\"Manhattan Office Asset Lands $105M Refi - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/01\\\/521_West_57th_Street1.jpg\",\"datePublished\":\"2017-01-09T10:48:11+00:00\",\"dateModified\":\"2022-12-07T01:17:44+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/e8362e8641769829162f16fe58091f62\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/01\\\/521_West_57th_Street1.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/01\\\/521_West_57th_Street1.jpg\",\"width\":594,\"height\":445,\"caption\":\"521-533 W 57th St.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-asset-lands-105m-refi\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Manhattan Office Asset Lands $105M Refi\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/e8362e8641769829162f16fe58091f62\",\"name\":\"Veronica Grecu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2024\\\/04\\\/Veronica_Grecu.jpg?w=93\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2024\\\/04\\\/Veronica_Grecu.jpg?w=93\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2024\\\/04\\\/Veronica_Grecu.jpg?w=93\",\"caption\":\"Veronica Grecu\"},\"description\":\"Veronica Grecu is a senior creative writer and researcher for RentCafe. With more than 10 years of experience in the real estate industry, she covers a variety of topics in residential and commercial real estate, including trends and industry news. Previously, she was involved in producing content for Multi-Housing News, Commercial Property Executive and Yardi Matrix. Veronica\u2019s academic background includes a B.A. in Applied Modern Languages and an M.A. in Advertising and PR.\",\"sameAs\":[\"https:\\\/\\\/x.com\\\/@VeraGrecu\"],\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/veronica\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Manhattan Office Asset Lands $105M Refi - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/","og_locale":"en_US","og_type":"article","og_title":"Manhattan Office Asset Lands $105M Refi","og_description":"The property\u2019s tenants include International Flavors & Fragrances, CBS Broadcasting, Labcorp and the Multiple Sclerosis Research Center of New York.","og_url":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-01-09T10:48:11+00:00","article_modified_time":"2022-12-07T01:17:44+00:00","og_image":[{"width":594,"height":445,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/521_West_57th_Street1.jpg","type":"image\/jpeg"}],"author":"Veronica Grecu","twitter_card":"summary_large_image","twitter_creator":"@VeraGrecu","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/"},"author":{"name":"Veronica Grecu","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e8362e8641769829162f16fe58091f62"},"headline":"Manhattan Office Asset Lands $105M Refi","datePublished":"2017-01-09T10:48:11+00:00","dateModified":"2022-12-07T01:17:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/"},"wordCount":310,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/521_West_57th_Street1.jpg","keywords":["Yardi Matrix"],"articleSection":["Featured","Finance","New York","News","Northeast","Office"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/","url":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/","name":"Manhattan Office Asset Lands $105M Refi - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/521_West_57th_Street1.jpg","datePublished":"2017-01-09T10:48:11+00:00","dateModified":"2022-12-07T01:17:44+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e8362e8641769829162f16fe58091f62"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/521_West_57th_Street1.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/521_West_57th_Street1.jpg","width":594,"height":445,"caption":"521-533 W 57th St."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-105m-refi\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Manhattan Office Asset Lands $105M Refi"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e8362e8641769829162f16fe58091f62","name":"Veronica Grecu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Veronica_Grecu.jpg?w=93","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Veronica_Grecu.jpg?w=93","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Veronica_Grecu.jpg?w=93","caption":"Veronica Grecu"},"description":"Veronica Grecu is a senior creative writer and researcher for RentCafe. With more than 10 years of experience in the real estate industry, she covers a variety of topics in residential and commercial real estate, including trends and industry news. Previously, she was involved in producing content for Multi-Housing News, Commercial Property Executive and Yardi Matrix. Veronica\u2019s academic background includes a B.A. in Applied Modern Languages and an M.A. in Advertising and PR.","sameAs":["https:\/\/x.com\/@VeraGrecu"],"url":"https:\/\/www.commercialsearch.com\/news\/author\/veronica\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/521_West_57th_Street1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004163475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/258"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004163475"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004163475\/revisions"}],"predecessor-version":[{"id":1004614537,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004163475\/revisions\/1004614537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004163478"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004163475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004163475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004163475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}