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NEW YORK CITY-Zero coupon bonds backed by the excess lease and sublease payments from 2 Broadway's cash flow 25 years in the future were used in a $105-million refinancing package. The Sapir organization owns the 21-story, one-million-sf tower in Lower Manhattan.
The class A office serves as the headquarters for the MTA and occupies an entire city block. The locally based Sapir is a family-owned firm with holdings in excess of seven million sf here including Eleven Madison Ave., 260-261 Madison Ave. and 100 Church St.
Carlton Advisory Services' arranged the subordinate financing. Carlton had previously provided a $230-million, 30-year, fixed-rate mortgage for the property.
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