Apple Bank for Savings has provided a $50 million financing to Walter & Samuels on a 20-floor office building at 419 Park Avenue South in the Midtown South neighborhood of Manhattan.
Part of the financing paid off debt that Variable Annuity Life Insurance Company provided in August 2011 to Walter & Samuels, which purchased the property from Dry Dock Savings Bank in December 1977, city records show.
The 160,114 sq ft property houses the offices of Walter & Samuels, Keiser Associates, Krass, Schmutter & Snow, and Vantage Press and was built in 1927.
Office leasing activity in Midtown South was up 3.1 percent year-over-year at the end of Q2, driven by the strong demand from the growing technology and media sector in the area, a recent Cushman & Wakefield report shows. More than 2.9 million sq ft of new leases were completed in Q2.
But the report also notes that, despite the positive trends occurring throughout the Midtown South office submarket, there has been a slight increase in available sublease supply there, shooting up 65.5 percent to 935,773 sq ft since this year’s low of 565,290 sq ft in February.
“Although not detrimental to the market, it is a trend to watch closely as increased sublease supplies have impacted other key US markets, like San Francisco and Chicago, earlier this year,” the report reads.