420 Fifth Ave., the only office condominium on Fifth Ave.
NEW YORK CITY—Witkoff Group has refinanced two office condominiums at 420 Fifth Ave., which serve as the headquarters of Major League Soccer. The real estate firm received a $43 million loan from Deutsche Bank.
JLL's Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jackson Sastri and Michael Ianno negotiated the financing.
“Witkoff has extensive knowledge of the office condominium market and has been involved in many notable acquisitions and projects in Midtown and throughout Manhattan,” says Appel. “We are pleased to have been able to refinance with the existing lender on terms that benefit both parties.”
In May 2005, Major League Soccer first moved into the building, renewing and expanding within the property, signing a long-term lease for its current 64,211 square feet of office space across the sixth and seventh floors.
Created in 1993, the organization has 24 professional teams in the US and Canada. With an average attendance of over 20,000 per game, it has the third highest average attendance of any sports league in the US, after the National Football League and Major League Baseball.
“Midtown continues to be one of the most sought after and active office markets in Manhattan,” says Kurland. “With MLS' continued commitment to the property and best-in-class ownership such as Witkoff, the unparalleled appeal of this offering was unquestionable.”
420 Fifth is a 28-story, 605,515-square-foot, institutionally managed office condominium that occupies the entire block between 37th and 38th streets in Midtown Manhattan. Located in the heart of Midtown, it has easy access to Grand Central Terminal, the Port Authority Terminal and Penn Station.
Built in 1990, the building is the only Class A office condominium on Fifth Ave. It has 45 units occupied by tenants such as the Rockefeller Foundation, Marist College and the Italian eyewear company, Luxottica.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
