JLL Capital Markets has arranged a $20 million refinancing for 16 West 36th Street, a 13-story, 67,271-a/f office building with street level retail in Midtown South.
The group worked on behalf of owners Windsor Management Corporation to secure the 10-year, fixed-rate refinancing through a life insurance company.
16 West 36th Street is positioned mid-block between Fifth and Sixth Avenues. It was built in 1920 and has been owned by the borrower since the 1940s. The average floor plate in the building is 5,057 s/f, allowing smaller, boutique tenants to enjoy a full-floor presence. The property is currently 97 percent occupied and offers street-level retail space, which is currently home to Clinton Hall, a sports bar.
Windsor Management has recently invested in 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.
The property is located in the Garment District, 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 Port Authority.
The JLL Capital Markets professionals handling the refinancing included Managing Director Steven Klein and Associate Alex Staikos.
“This is an extremely well located asset with a best-in-class multi-generational family owner and operator,” Klein said. “Few groups have the breadth of experience owning and operating assets of this profile in this submarket as Windsor Management.”
Windsor Management Corporation manages nine commercial office buildings in mid-town south, New York City, Westchester and Connecticut owned by the Kiamie family. Their current portfolio consists of over 800,000 s/f.