$62.5M of debt on German-owned 711 5th Avenue assigned to CMBS

A $62.5 million piece of the $545 million of secured debt on 711 Fifth Avenue was sold off as a piece of a Goldman Sachs commercial mortgage backed security.

Bayerische Versorgungskammer (“BVK”), Deutsche Finance America and Hessen Lawyers Pension Fund own the property including the tax class office building with commercial with seven to 19 stories (O6) at 711 Fifth Avenue in Plaza District. The deal transfer to CMBS closed on May 21, 2020 and was recorded on July 16, 2020.
The property contains a total of 310,000 square feet of built space.

The last time the property sold was September 2019, when the German group along with advisor Michael Shvo, bought it for $937 million. The CMBS values the property at $1 billion. Goldman Sachs and Bank of America provided the initial $545 million in debt. Of that, this $62.5 million has been securitized. The top tenants are Ralph Lauren, paying $27.5 million although the store is closed; Swatch paying $24.9 million; Sun Trust Banks paying $5.9 million and Allen & Company paying $4.9 million. This CMBS also includes 1633 Broadway, 555 10th Avenue and 650 Madison Avenue, among others.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 8, 2012.
Over the past five years, there have been 74 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 74 renovation/alteration projects (A2) applied for with a total estimated value of $18,894,632.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link