666 3rd Avenue, 560 Lexington Avenue, 6 Water Street, 23 Grand Street; Tishman Speyer’s Rob Speyer and Rudin Management’s Bill Rudin (Rudin Management, Tishman Speyer, Michelin, Gene Kaufman Architect, Loopnet, Getty)
The 10 largest real estate loans in Manhattan last month totaled $488 million, following a paltry October figure. However, the November sum was about 25 percent of what big borrowers collected in the same month last year.
Offices got some love from lenders, as they refinanced Tishman Speyer’s 666 Third Avenue and the Rudin family’s 560 Lexington Avenue. Magna Hospitality Group and Thor Equities refinanced hotels in the Financial District and Soho, respectively.
Here are more details.
Downsizing devilish debt | $185 million
Tishman Speyer refinanced a 767,000-square-foot office tower at 666 3rd Avenue with $185 million from Bank of America, replacing a 2012 loan of $265 million from Morgan Stanley Mortgage Capital. Tishman put the building, known as Chrysler East, on the market in 2019 but did not sell it. Availability in the building crept up to 16.9 percent in 2022 from 15.6 percent in 2017, Bloomberg reported.
Hotel holdout | $68 million
Magna Hospitality Group refinanced a 250-key hotel at 6 Water Street in the Financial District with $68 million from Western Alliance Bank. The loan includes $5 million in new funds and replaces debt from M&T Bank. Magna emerged as a buyer of distressed hospitality assets during the pandemic, although it has owned the FiDi property, operated by Hilton, since 2014.
Rudin refi | $55 million
The Rudin family refinanced a 345,000-square-foot office building at 560 Lexington Avenue in Midtown with $55 million from M&T Bank. The funds include $10 million in new debt and replace a 2012 loan from AXA Equitable Life Insurance, now named Equitable Holdings. Renovation of the building’s public foyer drew praise