$130M Loan Furthers Building Repositioning

NEW YORK CITY-Hypo Real Estate Capital Corp. closed a $130 million loan for 681 Fifth Ave. The building, located between 53rd and 54th streets in the Plaza District submarket of Manhattan, is currently undergoing a total renovation of all building systems.

The 17-story, class A office and retail property measures 82,500 net rentable sf. The sponsors of the deal are Robert Siegel and descendants of the Hermès family. RCG Longview served as mezzanine lender, on the deal.

In March of 2008, Tommy Hilfiger executed a 15-year lease for 22,500 sf on the first four floors and two basement levels. The Tommy Hilfiger store will serve as the company’s global flagship store and is expected to open for the 2008 holiday season. Class A office space–for occupancy by the end of this year–will be comprised of 6,000 sf single floor plates with 14-foot ceilings on each floor, according to a prepared statement.