Irvine Company signs $1.5B refi with BoA, Wells Fargo for 200 Park in Grand Central

Irvine Company through the entity 200 Park, L.P. as borrower signed a refinance loan with lenders Bank of America and Wells Fargo valued at $1.5 billion for the MetLife office property at 200 Park Avenue in Grand Central, Manhattan.
The deal closed on February 10, 2025 and was recorded on February 13, 2025. The property has 2,768,775 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $541 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 prior debt given in March 2015 was $1.4 billion.
The signatories for Irvine Company were Bryan W. Stevens and Stefen A. Scheumann and the signatories for Bank of America and Wells Fargo were Jeffrey L. Cirillo and Robert Fenstemaker.

Prior sales and revenue

The 2,768,775-square-foot property generated revenue of $235.9 million or $85 per square foot, according to the most recent income and expense figures.

The property

The condo building in Grand Central has 2,768,775 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,768,775 square feet. The city-designated market value for the property in 2022 is $1.3 billion.

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 received one DOB violation, $15,000 in ECB penalties, and $19,625 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the 12 commercial properties representing zero square feet of the 1,944,747 square feet. The identified owner is TF Cornerstone.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 1 million square feet of built space are hotel buildings, with specialty buildings next occupying 0 percent of the space.

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