Windsor Receives $29M Loan for The Cutting Room’s Building
The real estate company acquired the NoMad property for $59 million.
NEW YORK CITY—Windsor Management Corporation purchased the 91,000 square-foot building at 44 E. 32nd St. earlier this month from Basset Properties, paying $59 million, according to Real Capital Analytics. The building is 92% occupied. Chris Noth, known as Big in “Sex in the City,” and as the husband, Peter Florrick, in “The Good Wife” started the night club, The Cutting Room, which is the property’s most well-known tenant. Along with a deli, it occupies the 11,669 square feet of ground-floor retail space. Office tenants include TopNotch Graphics, Studio V Architecture, Latin Markets Brazil, PRG Media Services and Urban Office Idea.
Windor received a 10-year, fixed-rate acquisition loan of $29 million from a life insurance company, which it declined to identify.
The property is on E. 32nd St. between Park and Madison avenues in the NoMad area of Midtown South, an area that’s growing in popularity and value.
“We plan to add value to the building through strategic capital improvements and high-end tenant build-outs,” says Matthew Kiamie, VP and COO at Windsor.
Holliday Fenoglio Fowler’s managing director Steven Klein and associate Alex Staikos represented the borrower in negotiating the loan.
“Given the multi-generational sponsorship, low leverage request and strong asset quality, we were successful in obtaining significant interest from a variety of insurance company lenders at attractive terms,” Klein adds.