Shorenstein Properties borrows $350M from Barclays for office building property in Garment District

Shorenstein Properties through the entity Sri Eleven 1407 Broadway LLC as borrower signed a loan agreement with lender Barclays Capital Real Estate, Inc. valued at $350.0 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 1407 Broadway in Garment District. The deal closed on November 1, 2019 and was recorded on November 14, 2019.
The property contains a total of 911,896 square feet of built space.
The average loan per buildable square foot is $384.
The last time the property sold was April 30, 2015, when Shorenstein bought the leasehold for $330,000,000. The prior debt of about $270 million was held by Bank of America and assigned to Barclays. JLL Capital Markets’s Geoff Goldstein, Michael Gigliotti and Christopher Peck brokered the deal, the Commercial Observer reported.

Over the past five years, there have been 169 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $636,264. There were 167 renovation/alteration projects (A2) applied for with a total estimated value of $42,372,786.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link