{"id":1004414341,"date":"2020-04-09T01:34:33","date_gmt":"2020-04-09T09:34:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004414341"},"modified":"2020-04-09T01:34:33","modified_gmt":"2020-04-09T09:34:33","slug":"major-manhattan-trophy-asset-lands-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/major-manhattan-trophy-asset-lands-financing\/","title":{"rendered":"Major Manhattan Trophy Asset Lands Financing"},"content":{"rendered":"<div id=\"attachment_1004371790\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1-Starrett-Exterior-Highline.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004371790\" data-attachment-id=\"1004371790\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/michael-maturo-keeps-rxr-capital-flowing\/1-starrett-exterior-highline\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1-Starrett-Exterior-Highline.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;Pavel Bendov&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark IV&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1496257600&quot;,&quot;copyright&quot;:&quot;Pavel Bendov. all rights reserved.  www.pavelbendov.com&quot;,&quot;focal_length&quot;:&quot;42&quot;,&quot;iso&quot;:&quot;800&quot;,&quot;shutter_speed&quot;:&quot;0.001&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"1 Starrett Exterior &#8211; Highline\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Starrett-Lehigh Building. &lt;i&gt;Image courtesy of RXR Realty&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1-Starrett-Exterior-Highline.jpg?w=1024\" class=\"wp-image-1004371790 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1-Starrett-Exterior-Highline.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1-Starrett-Exterior-Highline.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1-Starrett-Exterior-Highline.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1-Starrett-Exterior-Highline.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1-Starrett-Exterior-Highline.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004371790\" class=\"wp-caption-text\">Starrett-Lehigh Building. <i>Image courtesy of RXR Realty<\/i><\/p><\/div>\n<p>RXR Realty has taken a $50 million supplemental mortgage for the largest property in its portfolio: the 2.3 million-square-foot Starrett-Lehigh Building in Manhattan, according to public records. Morgan Stanley and New York Community Bank provided the note, which adds to $810 million in financing taken from the same lenders in stages between September 2018 and August 2019.<\/p>\n<p>Shorenstein Properties traded the property in mid-2011 for $920 million, according to Yardi Matrix. Shortly after the deal closed, RXR&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/michael-maturo-keeps-rxr-capital-flowing\/\">rebranded and renovated<\/a> the building. The Blackstone Group later acquired a 49 percent stake in the asset in 2015, <em>The Real Deal <\/em>reported.<\/p>\n<p>Located on a full city block at 601 W. 26th St. in Chelsea, the property rises 20 stories three blocks from the $16 billion, mixed-use Hudson Yards development. The Starrett-Lehigh Building, constructed between 1930 and 1931 as a multi-story warehouse, was converted to its current office use in 2000. The structure\u2019s tenant roster includes Ralph Lauren\u2019s North American headquarters, Martha Stewart Living Omnimedia and the Department of Homeland Security\u2019s Immigration and Customs Enforcement agency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morgan Stanley and New York Community Bank provided the new loan for RXR Realty\u2019s property, adding to $810 million in existing debt. <\/p>\n","protected":false},"author":861,"featured_media":1004371790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[36351,32774,45176,34489,33448,33129],"class_list":["post-1004414341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-capital-improvement","tag-morgan-stanley","tag-new-york-community-bank","tag-rxr-realty","tag-shorenstein-properties","tag-the-blackstone-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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