NEW YORK CITY—Meridian Capital Group has negotiated $325 million in acquisition financing for the purchase of the leasehold interest in 32 Old Slip—an office property in Lower Manhattan—on behalf of RXR Realty. The buyer purchased the building last week for $675 million, according to Crain's New York Business.
The five-year loan, provided by GE Capital, features a competitive fixed-rate below 3.00% and interest-only payments for the full term. The transaction was negotiated by Meridian Capital Group senior managing director Rael Gervis.
“This acquisition supports our belief in the renaissance occurring in the downtown market and follows our recent purchase of 61 Broadway," says Michael Maturo, president of RXR Realty. "We are confident in this class-A location and class-A building and expect to realize value as rents in this market effectively compete for midtown and midtown south tenants that are seeking attractive alternatives."
The 36-story office property, constructed in 1987 and located at 32 Old Slip between Front and South streets, totals 1,161,400 square feet of space. The property is well-located on the Manhattan waterfront, directly across from the Pier 11 ferry terminal, and is within a short walking distance from the 1, 2, 3, 4, 5, N, R, J and Z subway lines as well as the Staten Island ferry. The building also features unobstructed views of the East River, Downtown Brooklyn and the New York harbor.
Lower Manhattan continues to benefit from the significant development and redevelopment projects at the South Street Seaport, World Trade Center and Brookfield Place.
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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.
