Brookfield gets $171M construction loan to rehab 1100 Sixth Avenue in Grand Central

Brookfield Properties through the entity 1100 Ave of Americas Leasehold LLC as borrower signed a construction loan agreement with lender Bank of America valued at $171 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 47 West 42nd Street in Grand Central. The deal closed on June 3, 2020 and was recorded on June 24, 2020.
The property contains a total of 348,786 square feet of built space. Bank of America leases then entire office space in the building.
The average loan per buildable square foot is $490. Brookfield plans to reclad the building in glass, as it reclad the skin of 450 West 33rd Street in Hudson Yards.
This is the first debt Brookfield has secured with this property. It is divided into a $93.4 million building loan and a $77.6 million project loan. Brookfield and the California-based Swig Company signed a 49-year ground lease as tenant in 2017 valued at $170 million with the Nickerson family as landlord.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 12, 2014.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $59,650,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $2,409,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link