Bank of America to refinance property with $400m first mortgage debt
After completing the lease up of the now-iconic speculative office building at 51 Astor Place in Manhattan’s East Village, New York developer Edward Minskoff has successfully refinanced the property, according to reports.
The 12-year, $400m first mortgage from Bank of America is interest only and expected to be securitized.
Bank of America provided the initial $165m construction loan in November of 2011 that helped Minskoff get the ambitious project off the ground as the economy sputtered out from the recession.
The 400,000 sq ft granite and dark glass building, towering over an array of mostly small shops and restaurants in close vicinity to New York University, opened after two years of construction in the summer of 2013.
Initially slow to lease, the destiny of the Fumihiko Maki of Maki and Associates-designed building seemed shaky; but Minskoff began cutting leases in the late part of 2013, until an expansion by anchor tenant IBM brought the building to full occupancy last month.
Additional tenants include 1stdibs, Claren Road Asset Management (a subsidiary of The Carlyle Group), Tudor Investment Corporation, Spark Capital, Mail Online, Maplelane Capital, and St. John’s University.
Minskoff, known also as an avid art collector, adorned the building with a few artistic touches: Balloon Rabbit, a 16-foot-tall sculpture by Jeff Koons, sits in the lobby, and a distinctive Keith Haring Running Man sculpture is located in a Thomas Balsey-designed plaza.