{"id":1004179731,"date":"2017-06-08T02:28:23","date_gmt":"2017-06-08T10:28:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004179731"},"modified":"2022-12-08T18:09:52","modified_gmt":"2022-12-09T02:09:52","slug":"vintage-nyc-building-scores-430m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vintage-nyc-building-scores-430m-refi\/","title":{"rendered":"Vintage NYC Building Scores $430M Refi"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004179753\" style=\"width: 419px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/rendering.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004179753\" data-attachment-id=\"1004179753\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vintage-nyc-building-scores-430m-refi\/rendering-6\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/rendering.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"rendering\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/rendering.jpg?w=800\" class=\"wp-image-1004179753 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/rendering.jpg\" alt=\"225-233 Park Avenue South\" width=\"409\" height=\"307\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/rendering.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/rendering.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/rendering.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 409px) 100vw, 409px\" \/><\/a><p id=\"caption-attachment-1004179753\" class=\"wp-caption-text\">225-233 Park Avenue South<\/p><\/div>\n<p>Orda Management Corp. has closed on $430 million in debt financing on 225-233 Park Avenue South in Manhattan. Newmark Knight Frank\u00a0Capital Markets was Orda\u2019s exclusive advisor in the debt placement.<\/p>\n<p>The loan was structured as a 10-year, fixed-rate, interest-only loan. Barclays provided the financing, which replaced a previous $217 million loan from the New York State Teachers\u2019 Retirement System. The funding reportedly allowed ownership to recapture equity spent on a recent $135 million, 18-month capital improvement plan.<\/p>\n<p>The 675,000-square-foot, Class A office property was built in 1909 and consists of two contiguous buildings near Union Square, Gramercy Park and Madison Square Park. It is currently nearly 100 percent leased, and the tenant roster includes Facebook, BuzzFeed and T. Rowe Price.<\/p>\n<p>The property has a singular recent history. After the 9\/11 attacks, the Port Authority of New York and New Jersey, which had been located in the World Trade Center, immediately needed a new space, so a space was fitted out for them at the top of 225-233 Park Avenue South.<\/p>\n<div id=\"attachment_1004179752\" style=\"width: 403px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Jordan-Roeschlaubo.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004179752\" data-attachment-id=\"1004179752\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vintage-nyc-building-scores-430m-refi\/jordan-roeschlaubo\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Jordan-Roeschlaubo.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Jordan Roeschlaubo\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Jordan-Roeschlaubo.jpg?w=800\" class=\"wp-image-1004179752 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Jordan-Roeschlaubo.jpg\" alt=\"Jordan Roeschlaub\" width=\"393\" height=\"295\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Jordan-Roeschlaubo.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Jordan-Roeschlaubo.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Jordan-Roeschlaubo.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 393px) 100vw, 393px\" \/><\/a><p id=\"caption-attachment-1004179752\" class=\"wp-caption-text\">Jordan Roeschlaub<\/p><\/div>\n<p>After PANYNJ committed to moving to 4 World Trade Center in 2015, Orda decided to completely reposition the asset, which now features three lobbies, a 13th-floor rooftop garden and adjacent glass pavilion, a 14th-floor garden terrace, a 4,000-square-foot glass-enclosed courtyard on the 19th floor, new mechanical systems, new elevators, and a large loading dock. In addition, the previous layers of paint on the exterior were taken down to the limestone to restore the buildings\u2019 classic architectural look.<\/p>\n<p>Jordan Roeschlaub led the NKF Capital Markets team, which included Daniel Fromm and Steven Sperandio, that brokered and structured the refinancing.<\/p>\n<p><em>\u201cIt became clear in 2015 that the property was going lose PANYNJ, which was the major tenant, occupying more than 45 percent of the buildings,<\/em>\u00a0Roeschlaub told <em>Commercial Property Executive<\/em>.\u00a0<em>&#8220;The $135 million capital improvement plan,<\/em> he continued, <em>\u201ctransitioned the asset from a tired, Class-B property with an average tenancy, to a <a href=\"https:\/\/www.commercialsearch.com\/news\/newmark-knight-frank-named-leasing-agent-for-85-broad-st\/\">newly improved property<\/a> that offers the amenities, energy-efficient infrastructure and top-shelf interior space that a more recently developed Class-A building offers.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 675,000-square-foot, Class A property was built in 1909 and consists of two contiguous buildings near Union Square, Gramercy Park and Madison Square Park.<\/p>\n","protected":false},"author":882,"featured_media":1004179753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[32934,36007,36057],"class_list":["post-1004179731","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-barclays","tag-newmark-knight-frank","tag-orda-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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