Korean firm Daishin Securities through the entity DS400owner LLC as borrower signed a refi loan with another affiliate of Daishin Securities, the entity Daishin F&I Co., Ltd valued at $105 million for the office building (O9) at 400 Madison Avenue in Midtown, Manhattan.
The prior lender was Midland National Life Insurance Company, which had provided $100 million in 2018.
The deal closed on November 8, 2021 and was recorded on November 22, 2021.
The property has 146,191 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $718 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 owner bought the property on October 24, 2018, for $194.5 million.
The signatory for Daishin Securities was Myoungkuk Kim.
Over the past five years, there have been 46 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 46 renovation/alteration projects (A2) applied for with a total estimated value of $7.7 million.
Myoungkuk Kim is a managing director at Daishin America.
Within a 400-foot radius of 400 Madison Avenue, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, two were sales above $5 million totaling $219.3 million. The most recent of the two was 54 Madison Partners which bought the 115,924-square-foot, one-unit hotel (H9) on 12 East 48th Street and one other property for $104.3 million from Hidrock Properties on August 13, 2020.
Of those 11 items, nine were loans above $5 million totaling $1.0 billion. The most recent of the nine was Macklowe Properties which borrowed $7.7 million from Fortress Investment Group secured by the 14,708-square-foot, three-unit industrial (P8) on 17 East 47th Street and two other properties on October 20, 2021.
Direct link to Acris document. link