SL Green Realty signs $82.2M refi loan with Wells Fargo for office building in Diamond District

SL Green Realty through the entity 590 Fifth Owner LLC as borrower signed a refi loan with lender Wells Fargo valued at $82.2 million for the office building (O6) at 590 Fifth Avenue in Diamond District, Manhattan. A year ago, SL Green took control of the property from Thor Equities.
The deal closed on October 22, 2021 and was recorded on November 15, 2021.
The property has 93,123 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $882 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 SL Green Realty was Andrew S. Levine. The signatory for Wells Fargo was Kristen Rey.
(123108742)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 14, 2018.

Within a 400-foot radius of 590 5th Avenue, PincusCo identified 15 commercial real estate items of interests occurred over the past 24 months.
Of those 15 items, six were sales above $5 million totaling $737 million. The most recent of the six was SJD, LLC which bought the 57,352-square-foot, one-unit office building (O6) on 576 5th Avenue for $101 million from Severn Realty Partners on July 13, 2021.
Of those 15 items, nine were loans above $5 million totaling $1.0 billion. The most recent of the nine was SJD, LLC which borrowed $60.0 million from KEB Hana Bank secured by the 57,352-square-foot, one-unit office building (O6) on 576 5th Avenue on July 13, 2021.

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