LCOR Closes on $61M Loan for Construction

NEW YORK CITY-Developer LCOR Inc. has secured construction financing for its 545 Madison Ave. office redevelopment project from KeyBank. The firm released plans for the 17-story property’s gut rehab in May, as GlobeSt.com reported.

David Sigman, SVP of LCOR, tells GlobeSt.com that the total project cost is “around $90 million, including tenant allowances, brokerage commission, interest, etc.” He also notes that asking rents will range from $100 to $160 per sf once construction is completed.

The class A office building will be recreated from scratch to provide space to an upscale tenant roster, currently marketed to elite, boutique financial services companies and law firms. Located one block east of Central Park, the building offers tenants full-floor or multiple full-floor options ranging in size from 9,300 sf to 6,200 sf with a 900-sf penthouse, with building-wide amenities creating an environment comparable to that of a five-star hotel, LCOR says.