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Feil Refis 488 Madison

NEW YORK CITY-The company takes out a sizeable, decade long mortgage to back the asset, which is a historic landmark.

By Rayna Katz | Updated on August 06, 2013

NEW YORK CITY-Capital One Bank has provided a $90 million, 10-year term mortgage loan to 488 Madison Avenue Associates, LLC, to refinance the office building at 488 Madison Ave.  The property, which is owned by the Feil Organization, is located at east 51st street, in the Plaza District submarket of Manhattan, with frontage on Madison avenue and adjacent to Saint Patrick’s Cathedral. 

The 23-story building has 426,000 square feet of office space and 20,000 square feet of prime retail space along one of the nation’s most well-known retail boulevards. The property was constructed in 1949 by the Uris Bothers and purchased by Feil in the 1970s. The curved, multi-tiered office building has been designated as a historic landmark by the NYC Landmarks Preservation Commission.

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