Brookfield signs $462.3M refi with Cale Street Partners for Fifth Avenue retail

Brookfield Properties through the entity 730 Fifth Retail, LLC as borrower signed a refi loan with lender Cale Street Partners through the entity Csi Diamond 4.1 LP valued at $462.3 million for the retail condo at 730 Fifth Avenue in Midtown West, Manhattan.
The deal closed on July 14, 2025 and was recorded on July 25, 2025. The prior lender was Apollo Global Management which held debt that had an original loan amount of $462.3 million.The property has 73,522 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $6,287 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 signatory for Brookfield Properties was Jeffrey P. Aldridge . The signatory for Cale Street Partners was Alex Le Quesne , an executive with a third-party fund management firm. Prior secured loans include $720 million in 2018, $587.3 million in 2019 and $462.3 in 2022.

Retail tenants include Bulgari, Chanel and Mikimoto.

The property

The retail condo in Midtown West has 73,522 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 73,522 square feet. The city-designated market value for the property in 2022 is $204.9 million. The most recent loan totaled $587.3 million and was provided by Apollo Global Management on August 26, 2019.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 14, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 730 FIFTH UPPER, LLC to create 26 residential units in a building at 730 Fifth Avenue in Midtown West, Manhattan, called Aman New York Residences that has a $892.6 million sellout, according to an November 16, 2016 submission to the New York State Attorney General. The principal of the sponsor, 730 FIFTH UPPER, LLC, was Ahmet Oktay Cini.

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 3rd highest sale turnover among other neighborhoods in the city with $2.5 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 34.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 45 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 23 commercial properties representing 1,113,506 square feet of the 1,557,159 square feet. The largest owner is Lefrak, followed by Prada and then Soloviev Group.
On the tax block, there was one new building construction project filed totaling 383,134 square feet. It is a 80-unit, 383,134 square-foot residential (R-2) building submitted by Solow Realty & Development and filed by Anthony Calicchio with plans filed April 17, 2018 and it has not been permitted yet.

The majority, or 69 percent of the 1.6 million square feet of built space are office buildings, with elevator buildings next occupying 19 percent of the space.

The borrower

The PincusCo database currently indicates that Brookfield Properties owned at least 59 commercial properties with 5,732 residential units in New York City with 26,044,833 square feet and a city-determined market value of $5.8 billion. (Market value is typically about 50% of actual value.) The portfolio has $13.8 billion in debt, with top three lenders as Wells Fargo, Citibank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 58 percent of the 26,044,833 square feet of built space are office properties, with elevator properties next occupying 24 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

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