NEW YORK CITY – Windsor Management Corporation, a New York-based commercial real estate firm, has secured a $20 million loan to refinance 16 West 36th St., a 13-story, 67,271-square-foot office building in Midtown, Manhattan. Jones Lang LaSalle arranged the transaction.
Located between Fifth and Sixth Avenues, the 1920-built property was refinanced with a 10-year, fixed-rate loan through a life insurance company. The 97 percent occupied property has floor plates of an average of 5,057 square feet, attractive for boutique tenants seeking to occupy a full floor.
"This is an extremely well-located asset with a best-in-class multi-generational family owner and operator," said JLL Managing Director Steven Klein in a prepared statement.
Windsor Management recently executed capital improvements on the property, retrofitting suites for new tenants with high-end finishes, including glass walls, new bathrooms, polished concrete floors, LED lights and luxury kitchen pantries with stone countertops.
Situated in the Garment District and in proximity to Bryant Park, Times Square, Madison Square Park and Madison Square Garden, it is within a five-block radius of major transportation hubs, including the 7, B, D, F and M stops at Bryant Park, the 1, 2, 3 and LIRR at Penn Station, and the 4, 5, 6, and 7 at Grand Central, as well as the Port Authority bus terminal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
