Manhattan, NY JLL Capital Markets experts have arranged a $75 million loan on behalf of the Moinian Group to refinance 450-460 Park Ave. South. The group worked on behalf of Moinian Group to place the 10-year commercial mortgage backed securities refinancing loan with Wells Fargo.
Aaron Appel, vice chairman; Kellogg Gaines, managing director; Jackson Sastri, executive vice president; and Matt Fagella, analyst, led the JLL Capital Markets team handling the debt assignment.
“450-460 Park Ave. South has proven to be an excellent investment for the Moinian Group,” said Appel. “The 95% leased property offers open and airy office space that is highly desirable to current tenants and is located within one of the hottest submarkets in the nation convenient to both Grand Central and Penn Station. We are pleased to negotiate new financing for the property, which stands as an important component of the Moinian Group’s portfolio.”
Moinian has owned the 12-story, 183,019 s/f mixed-used Midtown South office building for over three decades and last year signed a significant lease with co-working giant, WeWork. Other tenants include tech company, ShopKeep, software provider, Pipedrive, and marketing company, DataXU. TD Bank and Felix Roasting Co. occupy the ground-floor retail space.
Originally built in 1912, 450-460 Park Ave. South is located on the southwest corner of Park Ave. and 31st St. in the Midtown South neighborhood. It was the first major acquisition by The Moinian Group in 1983. Today, Moinian is one of the county’s largest privately held firms, with a national portfolio of 20 million s/f.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
In 2017, the New York tri-state team completed 40.9 million s/f of lease transactions; arranged investment sales, notes, debt and equity transactions valued at $1.6 billion; managed projects valued at $7.9 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 147.8 million s/f.