Tuesday, November 15, 2016

HFF arranges $59.5 million financing on behalf of Garden Homes Development for two Manhattan properties


Former home of  D. Rockefeller,
 13-15 West 54th Street and 20 West 55th Street, Midtown Manhattan

 NEW YORK, NY, Nov. 15, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $38 million in financing for an office property totaling 103,389 rentable square feet at 13-15 West 54th Street and 20 West 55th Street in Midtown Manhattan, and $21.5 million in financing for 194 East 2nd Street, a six-story, residential building with ground floor retail in the East Village.  

Andrew Scandalios
HFF worked on behalf of the borrower, Garden Homes Development, to secure a loan from a bank on the Midtown asset and a loan from a life insurance company on the East Village property.

The office properties are situated on West 54th Street between Fifth and Sixth Avenues in Midtown Manhattan.  13-15 West 54th Street consists of two adjacent five-story mansions built in 1897 that are known as the Rockefeller Townhouses, as they were the home of John D. Rockefeller for nearly 40 years.  The townhouses are connected to the 13-story office building at 20 West 55th Street via an eight-story glass atrium.  Overall, the buildings are nearly 100 percent leased. 

Completed in 1997, 194 East 2nd Street consists of an 8,465-square-foot, ground level retail space fully leased to Duane Reed, with 61 luxury residential units above.  

The property is situated on the northwestern corner of East 2nd Street and Avenue B within walking distance of NYU, Cooper Union and the New School in addition to numerous restaurants, theatres, clubs and shops. 

The HFF debt placement team was led by Andrew Scandalios and Geoff Goldstein.

“With the strength of the assets’ locations in Midtown and the East Village and top-tier sponsorship, we received a great deal of interest in these offerings from lenders,” said Goldstein.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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