NEW YORK CITY–Affiliates of Silverstein Properties and Loeb Partners have arranged for an $85 million loan for 529 Fifth Ave. The seven-year financing was provided by Wells Fargo.
Cushman & Wakefield served as the exclusive advisor to the two owners. The firm was represented by Steve Kohn, president, Dave Karson, executive managing director, Alexander Hernandez, managing director and Sridhar Vankayala, associate. “The property has strong in-place cash-flow with great upside potential,” Hernandez says.
529 Fifth Ave. is a 19-story institutional quality office building on the east side of Fifth avenue between east 43rd street and east 44th street. Situated at the intersection of three major submarkets—the Plaza District, Sixth Avenue/Rockefeller Center, and Grand Central—the property contains 282,696 square feet of rentable area, including 18 floors of office space, with retail on the ground, mezzanine and basement floors. It is designed with five setbacks creating five separate classes of floor plates, enabling the property to accommodate a myriad of tenants' space requirements.
Adds Kohn, “the Silverstein/Loeb sponsorship, with deep operating expertise in New York, was highly appreciated by the lending community.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
