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Longacre House Refinanced for $62M

NEW YORK CITY-A $62-million loan was provided by CDC Mortgage Capital to an affiliate of Macklowe Properties for the Longacre House. Macklowe also selected CBRE to oversee leasing at its premier propertythe GM Building.

By Barbara Jarvie | Updated on December 21, 2003

NEW YORK CITY-CDC Mortgage Capital Inc. provided a $62-million floating-rate, five-year loan to an affiliate of Macklowe Properties to refinance the Longacre House. The 26-story luxury apartment building is located at 305 West 50th St. in Midtown. Constructed in 1998, it features 293 apartment units over commercial space that is leased to Rite-Aid, Blockbuster Video and a parking garage. The financing was arranged by Cooper-Horowitz Inc.

On the commercial side of its business, Macklowe appointed CB Richard Ellis to oversee the leasing of its most-prized possession–the General Motors Building at 767 Fifth Ave., which was purchased earlier this year for a price in excess of $1 billion. Headed by Mary Ann Tighe, CEO of CBRE’s New York Tri-State Region, the GM leasing team will also include Craig Reicher, Robert Stillman, Benjamin Friedland and Zachary Freeman.

The building was constructed in 1968 on Fifth Avenue between 58th and 59th streets, facing Central Park and the Plaza Hotel. It is already home to a number of high-profile tenants including cosmetics giant Estée Lauder, law firm Weil, Gotshal & Manges, General Motors, and General Motors Acceptance Corp.

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