SL Green, Manhattan’s largest office landlord, has closed on a new $600 million construction loan for 410 Tenth Avenue.
The deal scuppers rumors that the REIT was trying to sell the 636,000 s/f former Master Printers Building where it has leased 335,000 s/f to Amazon and 211,521 s/f to First Republic Bank.
“This financing reflects the global capital market’s continued confidence in Class-A, quality Manhattan office assets with strong, credit rated tenants, and specifically exemplifies the resiliency of New York City,” said Andrew Mathias, President of SL Green.
“We now look ahead to completing this project in the third quarter of 2021, on time and on budget.”
The loan was provided by a consortium of world class domestic and international banks led by Goldman Sachs and Wells Fargo Bank, N.A.
At closing, the new five-year facility repatriated $33.9 million of capital previously invested into the project by SL Green and will fund all future capital through completion. This facility replaces the previous $465 million construction facility that was put in place in 2019.
SL Green is in the midst of a building-wide redevelopment of the 20-story property that will include a relocation of the lobby entrance from 34th Street to 33rd Street, construction of a new glass encased steel lobby and nine-foot-high industrial style windows overlooking a new garden.
The finished building will have a 5,000 s/f roof deck along with a 3,000 s/f tenant lounge.
The building already features numerous large terraces ans office floors have 13.5 ft. slab heights with mushroom-capped columns .
SL Green acquired a majority and controlling interest in the building for $409.9 million last year. The company has no comment on the earlier reported that the full block property located at the intersection of Manhattan West and Hudson Yards was for sale.