Paramount Group signs $710M refi with Morgan Stanley for office tower in Midtown West

Paramount Group through the entity 1301 Properties Owner Lp as borrower signed a refi first mortgage loan with lender Morgan Stanley Mortgage Capital valued at $710 million for the office tower at 1301 Sixth Avenue in Midtown West, Manhattan.
The deal closed on July 29, 2021 and was recorded on August 20, 2021.
The property has 1,482,208 square feet of built space and 0 square feet of additional air rights for a total buildable of 746,310 square feet according to PincusCo analysis of city data. The loan price per built square foot is $479 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 Paramount Group was David Zobel.

This is part of an $860 million refinancing of 1301 Avenue of the Americas. 

Within a 400-foot radius of 1301 Avenue of the Americas, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitations or alterations that require a change to the certificate of occupancy. There were four permits with a total initial cost of $21.9 million and four initial temporary certificate of occupancy issuances for projects that initially costed $12.7 million.

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