Ivanhoe Cambridge signs $1.1B refi for 3 Bryant Park

Ivanhoe Cambridge through the entity 3 BP Property Owner LLC as borrower signed a refi loan with lender Wells Fargo, Bank of America, and Bank of Montreal valued at $1125 million for four condominium units that make up the office building at 3 Bryant Park at 1095 Avenue of the Americas in the Garment District, Manhattan.
The deal closed on February 6, 2025 and was recorded on February 14, 2025. The prior lender was Comm 2015-3BP which held debt that had an original loan amount of $1.1 billion.

The four condo units have 878,909 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,279 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 signatories for Ivanhoe Cambridge were Michael Neuman and Marc-Andre Leduc. The signatories for Wells Fargo , Bank of America , and Bank of Montreal were Jeffrey L. Cirillo , Robert Fenstemaker, and Michael S. Birajiclian. The Hong Kong Monetary Authority Exchange Fund’s Real Summit Investment bought a 49% stake in the building in 2016, The Real Deal reported at the time.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The neighborhood

In Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 8th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Garment District is the 5th most active neighborhood among other neighborhoods. It had 8.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other office buildings in the past 12 months.

The borrower

The PincusCo database currently indicates that Ivanhoe Cambridge owned at least one commercial property in New York City with 1,088,074 square feet and a city-determined market value of $307.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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