Princeton International signs $125.1M refi for office in Midtown East
Princeton International Properties through the entity Plaza 52, LLC as borrower signed a refi loan with lender Deutsche Bank, Stateland International and Tasaba LLC, valued at $125.1 million for the office building (O4) at 154 East 52nd Street in Midtown East, Manhattan.
The deal closed on April 8, 2025 and was recorded on April 21, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $128 million.The property has 304,640 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $410 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 Princeton International Properties was David Tawfik . The signatory for Deutsche Bank and Stateland International was Michael Zianveni and others. The $125 million is composed of $57,600,000 from Deutsche Bank Luxembourg, $57,509,919 from Stateland International and $10,013,762 from Tasaba LLC.
Prior sales and revenue
The 304,640-square-foot property generated revenue of $16.2 million or $53 per square foot, according to the most recent income and expense figures.
The property
The office building in Midtown East has 304,640 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,062 square feet. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $82.7 million. The most recent loan totaled $128 million and was provided by Signature Bank on August 29, 2022.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,285 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 3rd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 19.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 3,216,416 square feet of the 3,243,029 square feet. The largest owner is Rudin Management, followed by Angelo Gordon and then HPS Investment Partners.
There are no active new building construction projects on this tax block.
The majority, or 99 percent of the 3.2 million square feet of built space are office buildings, with elevator buildings next occupying 1 percent of the space.
The borrower
The PincusCo database currently indicates that Princeton International Properties owned at least one commercial property in New York City with 304,640 square feet and a city-determined market value of $90 million. (Market value is typically about 50% of actual value.) The portfolio has $140.5 million in debt, borrowed from Signature Bank. The portfolio consists of at least a single office property. It is located in Manhattan.
Direct link to Acris document. link