1100 Avenue of the AmericasBrookfield Properties has obtained a $171 million financing bundle for 1100 Avenue of the Americas, a 386,180-square-foot workplace property in Manhattan, based on public data. Bank of America supplied the financing by way of two separate notes—a $93.four million constructing mortgage and a $77.6 million challenge loan.
A serious challenge to reclad the construction in glass started late final 12 months, based on New York YIMBY. Different renovation work contained in the constructing can be underway, with completion tentatively scheduled for the tip of the 12 months.
Positioned within the coronary heart of Midtown Manhattan, the construction dates again to 1906, with main additions carried out in 1926 and 1980. Brookfield acquired the 15-story asset, beforehand referred to as the HBO Constructing, in 2017 for $370 million from Hoffman Administration, based on Yardi Matrix. Bank of America signed a lease to occupy the property’s 357,940 sq. toes of workplace house later that 12 months.
Along with its workplace house, the constructing has 11,239 sq. toes of retail house on the bottom ground. Retail tenants embody Starbucks, GNC and Sunglass Hut, together with a 10,000-square-foot Bank of America department.
Though industrial actual property gross sales have largely floor to a halt in Manhattan, main financing offers proceed to shut. Earlier this week, SL Inexperienced scored a $510 million loan for The Information Constructing, a 1.2 million-square-foot workplace tower six blocks away.