Blackstone buys stake in Fisher Brothers’ Midtown West tower, partners borrow $850M

Fisher Brothers and Blackstone Group through the entity 1345 Fee LLC as borrower signed a refinance package with lenders JPMorgan Chase, Citibank, and Morgan Stanley for a loan that was bundled into an $850 million commercial mortgage backed security for the office building (O9) at 1345 Avenue of the Americas in Midtown West, Manhattan. Simultaneously, Blackstone acquired a 46 percent interest in the building, which was valued at $1.4 billion, according to a Fisher Brothers release.

The Commercial Observer first reported Blackstone Group bought a stake in the building and it reported that total loan that was securitized was $850 million.
The deal closed on June 6, 2025 and was recorded on June 13, 2025. The prior lender was Series FB 2005-1 which held debt that had an original loan amount of $730 million.The property has 1,931,978 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $375 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on May 14, 2024, for $14.8 million. The signatory for Fisher Brothers and Blackstone Group was Winston Fisher . The signatory for JPMorgan Chase , Citibank , and Morgan Stanley was Jessica Wong , Cynthia Eckes , and Ana Rosu Marmann .  Despite the announced sale, as of publication, no property transfer for a stake in the building has been filed in the past year.

Prior sales and revenue

The 1,931,978-square-foot property generated revenue of $168.4 million or $87 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown West has 1,931,978 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 500 feet deep with a total lot size of 90,375 square feet. The lot is irregular. The zoning is C6-6.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $904.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $23,170 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 20, 2017. On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 198 square feet. The largest, 122854900, is a major alteration project for a 1,597,262 square-foot B building submitted by John Whalen Iii with plans filed August 29, 2016 and permitted February 23, 2018. The second largest, 123429726, is a major alteration project for a 1,597,262 square-foot B building submitted by John Whalen Iii with plans filed April 19, 2018 and permitted June 26, 2019.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 2nd highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 35.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 46 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 2,749,054 square feet of the 2,907,671 square feet. The largest owner is Jpmorgan Chase, followed by Abu Dhabi Investment Authority and then Bd Hotels.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 2.9 million square feet of built space are office buildings, with hotel buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Blackstone Group owned at least 44 commercial properties with 14,164 residential units in New York City with 18,789,463 square feet and a city-determined market value of $3.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.4 billion in debt, with top three lenders as Morgan Stanley, NYC Housing Development Corporation, and Wells Fargo respectively. Within the portfolio, the bulk, or 81 percent of the 18,789,463 square feet of built space are elevator properties, with office properties next occupying 13 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Queens next at 11 percent of the space.
The PincusCo database currently indicates that Fisher Brothers owned at least seven commercial properties with 372 residential units in New York City with 5,792,908 square feet and a city-determined market value of $2.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Citibank, JPMorgan Chase, and Morgan Stanley respectively. Within the portfolio, the bulk, or 86 percent of the 5,792,908 square feet of built space are office properties, with hotel properties next occupying 8 percent of the space. They are all located in Manhattan.

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