Fisher Brothers signs $460M refi loan with Morgan Stanley in Midtown East
Fisher Brothers through the entity Park Avenue Plaza Owner LLC as borrower signed a refi loan with lender Morgan Stanley through the entity Morgan Stanley Bank, N.A. valued at $460 million for two office buildings including the office building (O4) at 55 East 52nd Street in Midtown East, Manhattan and office building (O6) at 49 East 52nd Street in Midtown East, Manhattan.
The deal closed on October 8, 2021 and was recorded on January 6, 2022.
The two properties have 1,106,060 square feet of built space and 33,437 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $415 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 Fisher Brothers was Winston Fisher.
(120222927)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on April 3, 2014.
Winston Fisher is a partner at Fisher Brothers.
Within a 400-foot radius of 49 East 52nd Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $400,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $1.9 million. The most recent of these two items was the permit on July 28, 2021 for a 849,015-square-foot B building with 0 residential units at 375 Park Avenue.
Of those eight items, three were sales above $5 million totaling $273.2 million. The most recent of the three was David Werner Real Estate which bought the 15,200-square-foot, one-unit mixed-use building (K4) on 525 Madison Avenue for $27.2 million from Heller Properties on December 21, 2021.
Of those eight items, three were loans above $5 million totaling $118.0 million. The most recent of the three was Jack Resnick & Sons which borrowed $50.0 million from JPMorgan Chase secured by the 244,668-square-foot, 29-unit office building (O4) on 485 Madison Avenue on December 30, 2021.
Direct link to Acris document. link