RXR Realty refinances Helmsley Building with $670M from Morgan Stanley, down from $785M

RXR Realty recently refinanced the Helmsley Building at 230 Park Avenue with a $670 million senior loan from Morgan Stanley Bank.

The deal closed on November 12, 2021 and was recorded on November 29, 2021. Assistant General Counsel for RXR Realty David Frank was the signatory on the loan, through entity RXR HB Owner LLC. Cynthia Eckes was the signatory for Morgan Stanley.

The new loan replaces a $785 million acquisition loan from American International Group signed in 2015. That followed RXR’s $1.2 billion purchase of the building from a joint venture between Monday Properties and Invesco.

The property has 1,212,596 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $552 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.)

Within a 400-foot radius of 230 Park Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, one was for major renovation including a certificate of occupancy change.

Of those five items, four were loans above $5 million totaling $267 million. The most recent of the four was PIA Investments Ltd. which borrowed $37 million from National Bank of Pakistan secured by the 598,248-square-foot hotel (H1) at 45 East 45th Street on January 12, 2021.

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