Search
 

Grace Bldg. Refis At Nearly Triple Earlier Price

NEW YORK CITY—The sloped Midtown tower value has soared to an appraised $1.8 billion, up from $635 million in 2004.

By Rayna Katz | Updated on May 19, 2014

NEW YORK CITY—The Grace Building has been refinanced for $900 million, according to the Wall Street Journal. The famous sloped tower previously had a mortgage of $345 million.

The deal comes as the Grace Building’s value has soared to an appraised $1.8 billion, up from $635 million in 2004, when the skyscraper last received a loan. Of the new debt, about $55 million was used to pay expenses and was set aside for future costs. The owners were able to put the rest—about $500 million in cashin their pockets, according to loan documents.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.