Brookfield Properties ups debt by $350M to $1.25B at Grace Building

Brookfield Properties through the entity 1114 6TH AVENUE OWNER LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank|Bank of America|Credit Suisse|Deutsche Bank through the entity JPMorgan Chase Bank valued at $1.25 billion for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 1114 Avenue Of The Americas in Grand Central. The deal closed on November 17, 2020 and was recorded on November 24, 2020.
The property contains a total of 1,517,497 square feet of built space.
The average loan per buildable square foot is $824.
Brookfield increased the debt on the building by $350 million or 39 percent, from $900 million provided in 2014 to $1.25 billion this month. Jason Kirschner was the signatory for Brookfield. The signatories for the banks were Jessica Fritts, Simon B. Burce, David Tlusty, Stephen Choe and Vishal Mahadkar.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 30, 2012.
Over the past five years, there have been 158 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $21,295,000. There were 154 renovation/alteration projects (A2) applied for with a total estimated value of $111,952,797.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA.
The signatory for the buyer or lender was Jessica Fritts|Simon B. Burce|David Tlusty|Stephen Choe|Vishal Mahadkar