RXR Realty obtained financing of $25M from Morgan Stanley and New York Community Bank

RXR Realty through the entity Rxr Sl Owner LLC as borrower signed a loan agreement with lender Morgan Stanley and New York Community Bank through the entity Morgan Stanley Mortgage Capital Holdings LLC valued at $25.0 million for 1 parcel, including the tax class office bank building designed exclusively for banking (O6) at 601 West 26 Street in Chelsea. The deal closed on August 29, 2019 and was recorded on September 05, 2019.
The property contains a total of 1,835,150 square feet of built space.
The average loan per buildable square foot is $14.
This $25 million supplemental mortgage is part of a $900 million refinance package the Commercial Observer reported in 2018. The last time the property sold was July 29, 2011, for $920,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 17, 2012.
Over the past five years, there have been 142 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 142 renovation/alteration projects (A2) applied for with a total estimated value of $47,596,230.
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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