Silverstein signs $450M refi with Wells Fargo Deutsche for 1177 Sixth Ave in Midtown

Silverstein Properties through the entity 1177 Avenue Of The Americas Acquisition LLC as borrower signed a refi loan with lender Wells Fargo and Deutsche Bank through the entity DBR Investments Co. Limited valued at $450 million for the office building (O4) at 1177 Sixth Avenue in Midtown, Manhattan.
The deal closed on October 8, 2021 and was recorded on October 21, 2021.
The property has 912,955 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $492 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 Silverstein Properties was Michael L. Levy.
Over the past five years, there have been 75 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 75 renovation/alteration projects (A2) applied for with a total estimated value of $52.6 million.
This loan refinances a $360 million loan from 2014 and adds $60 million in new debt.

Within a 400-foot radius of 1177 Sixth Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, five were for major renovation including a certificate of occupancy change. They were three permits with a total initial cost of $2.9 million and two initial temporary certificate of occupancy issuances for projects that initially costed $2.5 million. The most recent of these five items was the permit on April 30, 2020 for a R-1 building with 160 residential units at 109 West 45th Street.
Of those seven items, two were loans above $5 million totaling $551.8 million. The most recent of the two was Durst Organization which borrowed $331.3 million from Bank of America, Citibank, and Wells Fargo secured by the 646,995-square-foot, 40-unit office building (O4) on 114 West 47th Street on May 26, 2021.

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