{"id":1004263976,"date":"2018-09-11T02:20:54","date_gmt":"2018-09-11T10:20:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004263976"},"modified":"2022-12-08T14:18:18","modified_gmt":"2022-12-08T22:18:18","slug":"manhattan-park-avenue-plaza-receives-75m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-park-avenue-plaza-receives-75m-loan\/","title":{"rendered":"Manhattan&#8217;s Park Avenue Plaza Receives $75M Loan"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004263991\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Park-Avenue-Plaza.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004263991\" data-attachment-id=\"1004263991\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/manhattan-park-avenue-plaza-receives-75m-loan\/park-avenue-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Park-Avenue-Plaza.jpg\" data-orig-size=\"800,620\" 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;0&quot;}\" data-image-title=\"Park Avenue Plaza\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Park Avenue Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Park-Avenue-Plaza.jpg?w=800\" class=\"wp-image-1004263991 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Park-Avenue-Plaza.jpg\" alt=\"Park Avenue Plaza\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Park-Avenue-Plaza.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Park-Avenue-Plaza.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Park-Avenue-Plaza.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004263991\" class=\"wp-caption-text\">Park Avenue Plaza<\/p><\/div>\n<p>New York Life Real Estate Investors provided&nbsp;a $75 million mezzanine loan for Park Avenue Plaza to a joint venture between Fisher Brothers and Sungate Park Avenue Trust. The 1.2 million-square-foot Class A office tower in Manhattan\u2019s Plaza District received the seven-year term, fixed-rate loan.&nbsp;<\/p>\n<p><em>\u201cPark Avenue Plaza is an outstanding, well-leased asset, located in one of the most prestigious submarkets in the nation,\u201d <\/em>Mark Young, New York Life Real Estate Investors\u2019 senior director of its New York regional office, said in a prepared statement.<em> \u201cWe are very pleased to continue our long-term relationship with Fisher Brothers, a premier real estate owner and operator.\u201d&nbsp;<\/em><\/p>\n<p><strong>A Strong Design<\/strong><\/p>\n<p>The 44-story building, located at 55 E. 52 St., was designed by Skidmore, Owings &amp; Merrill and is currently home to several prominent financial firms. Park Avenue Plaza, completed in 1981, was most recently renovated in 2015.<\/p>\n<p>Design elements include a green glass facade, column-free 45-foot interior spans, 12 corner offices on every floor, plus a glass-walled atrium lobby with a waterfall-side caf\u00e9 and European-style luxury retail arcades.<\/p>\n<p>In August, New York Life Real Estate Investors <a href=\"https:\/\/www.commercialsearch.com\/news\/san-diego-area-office-property-trades-for-27m\/\">sold Centerpoint Plaza<\/a>, a Class A multi-tenant office building in Carlsbad, Calif.&nbsp;New York Life Real Estate Investors\u2019 portfolio stands at more than $51.9 billion in assets under management.<\/p>\n<p>The loan comes just a few days after Pearlmark secured a $125 million loan for the <a href=\"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-tower-receives-125m-financing\/\">refinancing of Tower 56<\/a>, a Class A office building close by Park Avenue Plaza. In June,&nbsp;NKF Capital Markets and Cooper-Horowitz <a href=\"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-tower-receives-125m-financing\/\">structured a&nbsp;$342 million loan<\/a> to refinance&nbsp;850 Third Ave., also in Midtown Manhattan.<\/p>\n<p><em>Image courtesy of New York Life Real Estate Investors<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A partnership between Fisher Brothers and Sungate Park Avenue Trust owns the 1.2 million-square-foot Class A office building located in the heart of the Plaza District.<\/p>\n","protected":false},"author":753,"featured_media":1004263991,"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":[33371,33542,37021],"class_list":["post-1004263976","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-fisher-brothers","tag-new-york-life-real-estate-investors","tag-skidmore-owings-and-merrill-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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