Bloomingdale family office refinancing fee interest under Chanin Building

B. Brothers Realty, an affiliate of Bloomingdale Properties, the Bloomingdale family’s investment company, inked a refinancing with John Hancock Life Insurance Company valued at $8.5 million for the fee interest under the Chanin Building at 122 East 42nd Street in Grand Central.

The new loan includes a $500,000 increase added to the existing $8 million of debt, which was issued in 2010, also by John Hancock. The current lease runs through 2032, and the ground tenant, the Stahl Organization, pays $2.4 million per year.

The loan document was signed by John L. Ernst, great-grandson of Bloomingdale’s co-founder Lyman Bloomingdale. The deal closed on November 1, 2019 and was recorded on November 14, 2019.
The property contains a total of 862,071 square feet of built space.

Over the past five years, there have been 66 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 66 renovation/alteration projects (A2) applied for with a total estimated value of $16,770,352.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link