Cove Property Group, Baupost Group borrow $405M from Blackstone Group for office property in Hudson Yards

Cove Property Group and Boston-based Baupost Group through the entity Cbp 441 Ninth Avenue Owner, LLC as borrower signed a loan agreement with lender Blackstone Group through the entity Parlex 1 Finance, LLC valued at $405.1 million for 1 parcel, including the tax class office building with seven to 19 stories (O3) at 441 Ninth Avenue in Hudson Yards. The deal closed on November 25, 2019 and was recorded on December 4, 2019.
The property contains a total of 515,174 square feet of built space.
The average loan per buildable square foot is $720.
The Blackstone debt, which totals $724.2 million, replaces $479 million in construction financing provided by Apollo Global Management in 2017. The new financing was arranged by Eastdil Secured’s Grant Frankel, Phil McKnight and Ethan Pond, according to the Commercial Observer. The last time the property sold was December 6, 2016, for $330,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 20, 2019.
Over the past five years, there have been 27 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 $8,285,500. There were 26 renovation/alteration projects (A2) applied for with a total estimated value of $73,562,943.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link