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Tuesday, 19 May 2015

Blackstone Lends $320Mln Against Office Space at Manhattan's Woolworth Building

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Commercial Real Estate Direct Staff Report

Blackstone Mortgage Trust Inc. has provided $320 million of financing against the 811,791 square feet of office space at the Woolworth Building in lower Manhattan.

The floating-rate mortgage matures in two years, but can be extended for three additional one-year terms.

It was used by the property's owner, a venture of the Witkoff Group and Cammeby's International Group, to retire $250 million of debt that was slated to mature next month. A $200 million senior piece of the debt was securitized through Banc of American Commercial Mortgage Trust, 2005-C3, and paid a 5.151 percent coupon.

The property, at 233 Broadway, is 96 percent leased by tenants that include the General Services Administration, with 112,692 sf through October; New York University, with 94,076 sf through December 2017; the New York City Police Pension Fund, with 56,196 sf through July 2030; law firm Cochran Firm, with 32,076 sf through September, and online art gallery operator Artnet Worldwide Corp., with 28,098 sf through April 2023.

The GSA, whose lease does not include a renewal option, pays annual rent of $5.1 million, or $44/sf.

The property generated $13.4 million of net cash flow last year, up from $12.7 million in 2013, according to Trepp LLC.

The office space is in the lower 28 floors of the 57-story building, which was constructed in 1913. Three years ago, a group led by Alchemy Properties purchased the top 30 floors of building for $68 million and converted it into 34 residential condominium units, with asking prices starting at $3.5 million.

The Witkoff/Cammeby's venture bought the building in 1998 for $137.5 million.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Deal Name: Banc of America Commercial Mortgage Inc., 2005-3
  • Company: BNP Residential Properties Inc.
  • Valuation: More than $150 million
  • Private: No
  • bloombergDealName: BACM 2005-3
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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