CRONHEIM MORTGAGE ARRANGES $9,000,000
FINANCING FOR 645 MADISON AVENUE
NEW YORK,
NY – Andrew Stewart and Dev Morris of David
Cronheim Mortgage have secured financing of $9,000,000 for the leased fee
interest in the Pan
Ocean Building located at 645 Madison Avenue in Manhattan, New
York City.
The loan was placed at an interest rate of 5.89% and has a 20-year
self-amortizing term.
645
Madison Avenue
consists of a 9,038 square foot parcel improved by a 22-story multi-tenanted
Class A office building with a gross leasable are of 140,232 square feet. The property is encumbered by a
long-term ground lease that commenced in 1958. The building, known as the Pan
Ocean Building, was constructed in 1970 and
includes a diverse list of financial, law, healthcare and non-profit firms
including Business Loan Center Inc, Basswood Partners, KBL Healthcare Inc,
Research to Prevent Blindness, Sullivan & Co. and Victory Capital LLC. Ground-level retail space is occupied by
Ann Taylor and Lana Marks.
The
property is situated on the southeast corner of Madison Avenue and
East 60th
Street within the Plaza District, located at the
junction of the largest Central Business District in the US and the Upper East
Side. The property is
surrounded by New York City landmarks such as the world-renowned Plaza (under
reconstruction) and St. Regis
Hotels, department store Bergdorf Goodman and the
General Motors Building, whose 2003 sale commanded the highest price
ever paid for a US office
building.
The
Plaza District and Madison Avenue corridor contain some of the most desirable
retail and office space not only in New
York City but in the nation. Office leases have recently been
executed at over $100 per square foot in the submarket and retail rents are
between $700 and $800 per square foot.
