Michael Shvo group refinances 711 Fifth Avenue with $545M loan from Goldman Sachs, Bank of America

Michael Shvo, Turkish firm Bilgili Holdings, Deutsche Finance Group and pension fund BVK through the entity 711 Fifth Ave Principal Owner LLC as borrower signed a loan agreement with lender Goldman Sachs and Bank of America valued at $545 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 711 Fifth Avenue in Plaza District. The deal closed on March 6, 2020 and was recorded on March 20, 2020.
The property contains a total of 310,000 square feet of built space.
The average loan per buildable square foot is $1,758.
The prior recorded debt of $625 million provided by JPMorgan Chase Bank was reduced. From that prior total, $25 million was recorded as paid off at the time of the new loan. The other $600 million was split into two notes, one for $545 million which was assigned to Goldman and Bank of America, and a $55 million note that has not been recorded with a new lender or been recorded as paid off. The last time the property sold was in September, 2019, for $937 million to the Shvo group.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 8, 2012.
Over the past five years, there have been 74 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 74 renovation/alteration projects (A2) applied for with a total estimated value of $18,894,632.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link