Manhattan, NY NGKF Capital Markets, serving as the exclusive advisor to A-M Properties and Quality Capital, closed on $45.55 million in financing for the 14th - 17th floors of 420 Fifth Ave., a class A office condominium building located two blocks south of Bryant Park. The four floors contain a total net rentable area of 71,960 s/f, which is currently 100% owner-occupied by the seller, Girl Scouts of America. Girl Scouts of America indicated that they will be vacating the space incrementally between closing through Summer 2017 when their current lease expires. Following Girl Scouts of America’s exit, the Sponsor’s business plan includes improving and modernizing the property’s space in order to sign new long-term leases to high quality tenants that are seeking class A office space with a prime Midtown Manhattan location.
Executive managing director Jordan Roeschlaub and managing director Daniel Fromm led the NGKF Capital Markets team that arranged and structured a short-term floating-rate loan that was used to facilitate the acquisition at a sale price of $48.2 million, or $670 per s/f. Pine River Capital Management issued the senior loan, which included a future funding component to support near-term capital improvements and leasing costs associated with the subject property’s repositioning plan.
“Combined with the strength of the sponsorship and the quality of the asset, our team ran an institutional process that ultimately allowed us to secure a favorable loan for the acquisition and repositioning of the property,” said Roeschlaub.
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