$125M Finances Renovations at Union Square Office Property

NEW YORK CITY-A turn-of-the-century office building at 225-233 Park Ave. South in Union Square has received a $125-million loan to pay off an existing debt and an approximately $40-million renovation.

The asset consists of two connected office buildings with a total of approximately 625,000 sf of rentable space. The property was built in 1909 as the American Woolen Co.’s output from its New England-based mills. 225 Park Avenue South consists of 19 floors and roughly 474,000 sf; 233 Park Avenue South consists of 12 floors and roughly 150,000 sf.

Orda Management Corp. has owned and managed the property for more than 50 years. It recently completed an approximately $40-million renovation and re-tenanting at the property. The buildings currently serve as the headquarters for the Port Authority of New York and New Jersey, Institutional Investor and International Masters Publishing. In addition, street-level retail includes Chase Manhattan Bank, and two restaurants, Angelo & Maxies and Park Avalon with a third, Ruby Foo’s, to be opened soon.