Fisher Brothers, JP Morgan borrow $309M from Morgan Stanley for 605 Third in Murray Hill

Fisher Brothers and JP Morgan Asset Management through the entity 605 Third Avenue Fee LLC as borrower signed a loan agreement with lender Morgan Stanley Mortgage Capital Holdings LLC valued at $309 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 605 Third Avenue in Murray Hill. The deal closed on November 20, 2020 and was recorded on December 8, 2020.
The property contains a total of 898,734 square feet of built space.
The average loan per buildable square foot is $344.
The total loan value was $400 million, the Commercial Observer reported, which will be packages as a CMBS. composed of the recorded debt totaling $309 million and additional debt. Eastdil Secured’s Grant Frankel, Ken Ziebelman and Ethan Pond brokered the deal. The prior recorded debt had a maximum principal of $215 million, and AIG assigned it to Morgan Stanley. This loan package includes $128 million of new secured debt. Ken Fisher was the signatory for Fisher Brothers, and Brandon Atkins signed for Morgan Stanley.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on January 28, 2019.
Over the past five years, there have been 136 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 $3,613,000. There were 131 renovation/alteration projects (A2) applied for with a total estimated value of $77,706,631. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Brandon Atkins