Mactaggart Family signs $21M refi for fee under 589 Fifth in Midtown

The London-based Mactaggart Family and Partners through the entity 589 Fifth TIC II LLC and 589 Fifth TIC I LLC as borrowers signed a loan with lender Mutual of Omaha through the entity United Of Omaha Life Insurance Company valued at $21 million for the ground leased fee under the office building (O6) at 589 Fifth Avenue in Midtown, Manhattan.
The deal closed on November 18, 2021 and was recorded on December 2, 2021.
The property has 156,319 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $134 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 the Mactaggart Family was Ivaylo V. Ninov.
The Mactaggart family signed a 99-year ground lease as landlord with tenant GLL Real Estate in 2019.

Within a 400-foot radius of 589 Fifth Avenue, PincusCo identified 21 commercial real estate items of interests occurred over the past 24 months.
Of those 21 items, six were sales above $5 million totaling $614.7 million. The most recent of the six was SJD, LLC which bought the 57,352-square-foot, one-unit office building (O6) on 576 5th Avenue for $101 million from Severn Realty Partners on July 13, 2021.
Of those 21 items, 15 were loans above $5 million totaling $986.4 million. The most recent of the 15 was Daishin Securities which borrowed $105.0 million from Daishin Securities secured by the 146,191-square-foot, 70-unit office building (O9) on 400 Madison Avenue on November 22, 2021.

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