Durst has secured a $ 1.1 billion debt to refinance office properties at 1133 Sixth Avenue and 114 West 47th Street.
According to a business observer, CMBS’s ten-year fixed-rate CMBS loans came from Bank of America, Citigroup and Wells Fargo. They take $ 800 million of debt provided by Citi and Ladder Capital in two office buildings and cover closure costs.
The property is located near Bryant Park. The 26-story 114 West 47th Street is 660,000 square feet and was built in 1989. The 47-story 1.1 million square-foot Sixth Avenue was opened in 1970.
As of February, about 95 percent of the property is leased to 45 tenants, of whom more than half are investment or loan. Durst has invested about $ 69.3 million in Sixth Avenue over the past decade and $ 23.3 million in West 47th Street, according to the Commercial Observer.
Durst sued Amazon for the leasing contract has sunk owned by Sixth Avenue and sought $ 21 million in damages after leaving Amazon $ 310,000 of free space and making adjustments just to see Amazon’s lease from Vornado Realty Trust elsewhere.
[CO] – Sasha Jones