William Kaufman Org. signs $185M refi for office building in Plaza District

William Kaufman Organization through the entity Madison Avenue Leasehold LLC as borrower signed a refi loan with lender Wells Fargo valued at $185 million for the office building (O4) at 437 Madison Avenue in Plaza District, Manhattan.
The deal closed on June 17, 2021 and was recorded on June 24, 2021.
The property has 836,660 square feet of built space and 0 square feet of additional air rights for a total buildable of 383,600 square feet according to PincusCo analysis of city data. The loan price per built square foot is $221 per the PincusCo analysis.

The signatory for William Kaufman Organization was Jonathan Iger.
(122101340)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 6, 2017.
Jonathan Iger is CEO of Sage Realty, subsidiary of William Kaufman Organization. 
Within a 400-foot radius of 437 Madison Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $1.1 billion. The most recent of the two was HBSFA Holding Ltd which bought one condo unit in the 665,169-square-foot, two-unit mixed-use building (RC) on 611 5th Avenue for $1025.0 million from Hudson’s Bay on December 17, 2020.
Of those four items, two were loans above $5 million totaling $28.1 million. The most recent of the two was Silk & Halpern Realty Associates which borrowed $13.5 million from Apple Bank For Savings secured by the 102,519-square-foot, 43-unit office building (O6) on 425 Madison Avenue on April 15, 2020.

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