Soloviev Group and Bank of America secure $1.8 billion refinancing of 9 West 57th St.
Manhattan, NY Soloviev Group with lead lender Bank of America secured $1.8 billion refinancing of its flagship tower, 9 West 57th St., according to chairman Stefan Soloviev.
The transaction reflects the Class A building’s tenant demand, and continued outperformance at the top of the market. As part of the execution, Soloviev Group hedged the index, reducing the effective interest rate and further enhancing 9 West 57th St.’s long-term performance. Upon stabilization, the 50-story, 1.7 million s/f tower is expected to achieve a market valuation of $3.9 billion.
Soloviev said, “This refinancing is a clear validation of the strength of 9 West 57th St. and the collaborative success of lead lender Bank of America, and secondary leads Wells Fargo and Citibank.”
9 West 57th St. continues to set the standard for trophy assets, combining architecture, Central Park views, and the tenant experience. Soloviev made known a 10-year lease averaging $340 per rentable s/f, the highest rate ever achieved for the building and what could be the highest rent ever recorded in the New York City commercial marketplace.
9 West 57th St.’s roster of commercial tenants includes HBeyond, The U.S. Soccer Federation, Hess Group, Beaconlight Capital, Platinum Equity, Apollo Global Management, CHANEL, Loews Corp., Qatar Investment Authority, Coatue, Veritas and Standard Industries. Additionally, recent additions of Mousse Partners, Davidson Kempner, Tikehau Capital, Jain Capital, PointState Capital, and Panco Operations.
The skyscraper recently completed major upgrades to the lobby, elevator modernization, and building system technology. Additionally, as part of its renewed commitment to bolstering the tenant experience, 9 West 57th St. introduced new amenities including a 20,000 s/f amenity floor, offering Central Park views, modern conferencing, multi-functional meeting space, a grab and go coffee bar, executive dining, and a hospitality area.