Milstein Properties borrows $650M from Brookfield Property Partners for 335 Madison

Milstein Properties through the entity 335 Madison Avenue LLC as borrower signed a loan agreement with lender Brookfield Property Partners through the entity BREF V Series B LLC valued at $650 million for the office tower at 335 Madison Avenue in Grand Central. The deal closed on October 18, 2019 and was recorded on October 24, 2019.
The property contains a total of 874,744 square feet of built space.
The average loan per buildable square foot is $743.
JLL’s Aaron Appel arranged the financing, according to The Real Deal, which reported a deal expected to total $750 million. The $650 million reported in city records is the first mortgage debt, composed of $100 million in a project loan, $72.7 million in a building loan and the balance was a refinance of debt formerly provided by Bank of China. Milstein Properties had originally planned to demolish the tower and build a new one, but instead plans a $100 million rehabilitation.

Over the past five years, there have been 38 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $6,350,000. There were 37 renovation/alteration projects (A2) applied for with a total estimated value of $16,427,136.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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