Allianz backs renovated Midtown South condo building

Allianz Real Estate of America has provided an $89.2 loan to the recent new owners of a renovated condo building in the Midtown South submarket of Manhattan.

Allianz Real Estate of America has provided an $89.2 loan to the recent new owners of a renovated condo building in the Midtown South submarket of Manhattan.

HSR, a Hong Kong firm operated by billionaire William Fung and family, paid New York owner and developer William Macklowe $201.5m for the property in late January of this year, city property records show.

386 Macklowe paid Savanna Real Estate Fund $111.5m for the property in September of 2012, undertaking an expansive upgrade of the 1920s era building to attract the creative and tech tenants that have flooded the Midtown South submarket in recent years.

By 2014, Macklowe had unveiled an expanded entrance and elevator modernization at the 20-story LEED-destined tower, along with a pre-built, full-floor system that he attributed to the success of new leasing efforts at the property.

Newscred, Sugar Publishing, The Trade Desk, Lowe & Partners, Profero, Twitter, NewsCred and Impact Republic are among those to have taken office space at the property since its conversion.

Allianz Real Estate of America, a subsidiary of Germany’s Allianz Real Estate Holding, closed more than $1.8bn in US mortgage loans in 2014, a more than sevenfold increase over the previous year, according to data from Real Capital Analytics.

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