RXR, Ivanhoe sign $1.03B loan extension for 1211 6th Ave in Midtown West

RXR Realty and Ivanhoe Cambridge through the entity 1211 6th Avenue Property Owner, L.L.C. as borrower signed a refi loan with lender Series 2015-1211 and Berkadia Commercial Mortgage valued at $1.035 billion for the office building (O4) at 1211 Avenue of the Americas in Midtown West, Manhattan.
The deal closed on August 14, 2025 and was recorded on September 2, 2025. The prior lender was Series 2015-1211|Berkadia Commercial Mortgage which held debt that had an original loan amount of $1 billion.The property has 1,984,228 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $521 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 maturity date for this loan, originated in 2015, was extended from August 2025 to August 4, 2028.

Earlier this year, the parties disclosed that RXR Realty purchased a 49 percent stake in the building.
The signatory for RXR Realty and Ivanhoe Cambridge was David Frank . The signatory for Series 2015-1211 and Berkadia Commercial Mortgage was Julie Gschwind .

Prior sales and revenue

The 1,984,228-square-foot property generated revenue of $180.8 million or $91 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown West has 1,984,228 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 440 feet deep with a total lot size of 84,855 square feet. The lot is irregular. The zoning is C6-5.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $997.4 million.

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 one DOB violation, $30,000 in ECB penalties, and $44,925 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 30, 2012. 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 West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 38 million square feet of commercial and multi-family construction under development in the last two years, which represents 50 percent of the neighborhood’s built space. There were two 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 eight of the nine commercial properties representing 3,151,132 square feet of the 3,154,582 square feet. The largest owner is Beacon Capital Partners, followed by Natixis and then Riu Hotels & Resorts.
On the tax block, there were two new building construction projects totaling 118,880 square feet. The largest is a 401-unit, 112,862 square-foot hotel/dormitory/shelter (R-1) building submitted by Atlas Hospitality and filed by Raj Guru with plans filed April 28, 2021 and permitted December 4, 2023. The second largest is a 6,018 square-foot mercantile (M) building submitted by Roger Merriman with plans filed April 2, 2015 and permitted October 20, 2015.

The majority, or 63 percent of the 3.2 million square feet of built space are office buildings, with hotel buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Rxr Realty owned at least 24 commercial properties with 1,000 residential units in New York City with 10,007,707 square feet and a city-determined market value of $3.4 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 10,007,707 square feet of built space are office properties, with D3 properties next occupying 4 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 14 percent of the space.
The PincusCo database currently indicates that Ivanhoe Cambridge owned at least one commercial property in New York City with 1,088,074 square feet and a city-determined market value of $307.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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