JPMorgan Chase is shopping a $350M backed by the HSBC Tower at 452 Fifth Avenue, offering financing with cheaper-than-market rates to the potential buyer.
A year ago, JPMorgan refinanced the debt on the office tower, which is owned by Israel-based Property & Building Corp. The loan matures in 2024, with potential extension, according a report in Bloomberg.
The report said the 30-story, 865K SF Midtown tower has struggled in the past year, with its anchor, HSBC Bank announcing plans to downsize its office footprint and move its HQ from 452 Fifth Avenue to a space on the far west side of Manhattan in Q1 2024.
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