Signature Bank has provided a $65 million financing on the Stewart & Company office building and city landmark in Midtown Manhattan.
The financing paid off an unpaid principal balance of $25.4 million on the property and added a new $39.6 million mortgage, according to city records. The eight-story building at 404 Fifth Avenue is owned by an affiliate of the family-run Chetrit Group, who purchased the building in 1998.
The city declared the Stewart and Company building on the southwest corner of 37th Street and Fifth Avenue a historical landmark in June 2006, records show. The neo-classical building was built in 1914, the year that women’s wear retailer Stewart & Company signed a lease on the building with major New York City landowner Robert Goelet, whose family had owned the building since the 1880’s, according to the New York Times.
Signature Bank is a New York-based full-service commercial bank which had $34.9 billion in total assets as of March 31, 2016. This month, the bank provided a $104 million acquisition financing on another Manhattan property, the 38-story The Hamilton multifamily building in the Upper East Side neighborhood. Last month, Signature Bank provided a $61.5 million loan on the 383-unit Riverview Apartments building in the Morris Heights neighborhood in the Bronx, New York City’s northernmost borough.