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$105M Loan Clears Way for 37-Story MXD

NEW YORK CITY-Tessler and the Chetrit Group will build a 500,000-sf building on the site, combining retail, office and residential in one structure.

By Katie Hinderer | Updated on March 30, 2007

NEW YORK CITY-Tessler Developments and the Chetrit Group have purchased 855 Sixth Ave. with the help of $105.3-million loan from Fremont Investment & Loan. The property located on Sixth Avenue between 30th and 31st streets contains a couple buildings that will be razed to make way for a 37-story mixed-use project.

Craig Lockard, VP and senior loan originator for Fremont tells GlobeSt.com that the loan covered a majority of the acquisition price for the property, but he could not reveal what percent or the total cost.

Plans for the property are currently being drawn up, with an architect now working on the drawings. Lockard tells GlobeSt.com that the new building will total 500,000 sf and will contain a base level of retail followed by 11 floors of office space and topped by 23 floors of residential units. Further details have yet to be solidified.

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