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Deals & Dealmakers

Leasing plan for Midtown office condominium attracts $34M cash

Holliday Fenoglio Fowler, L.P. arranged $33.745 million in financing for 133 West 52nd Street, a six-story commercial condominium in Midtown Manhattan.

Working on behalf of the borrower, MRP Realty and Long Wharf Real Estate Partners LLC, HFF placed the three-year, floating-rate loan with a mid-size bank.

Loan proceeds were used to acquire the property and have been allocated towards leasing available space.

133 West 52nd Street is a newly-completed 55,744 s/f  commercial condominium located at the base of a brand new, 46-story luxury condominium conversion.

The property, known as a ‘building within a building’ is comprised of six floors, with its ground floor lobby adjacent to the residential lobby for 135 West 52nd Street and a retail condominium soon to be occupied by BLT Steak restaurant.

The property will be marketed to a wide variety of tenants, from corporate users to creative technology firms as well as retail, showroom, and medical office, and will feature a baseline design allowing flexibility to accommodate a specific tenant or group of tenant’s desired look and feel.

The property fronts 6 1/2 Avenue at 133 West 52nd Street and is situated between 6th and 7th Avenues in Midtown close to Rockefeller Center, Central Park and Columbus Circle.

The HFF debt placement team representing the borrower was led by senior managing director Andrew Scandalios and associate director Christopher Peck.

MRP Realty and Long Wharf Real Estate Partners purchased the office condo for $36.25 million from real estate investor Joe Chetrit, who gut-renovated the building into a luxury residential tower.

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