COMMERCIAL
NYC’s largest real estate finance deals of 2019
The Real Deal | December 16, 2019
COMMERCIAL
NYC’s largest real estate finance deals of 2019
The Real Deal | December 16, 2019
This year’s ranking of top 10 finance deals by The Real Deal found that major landlords are still refinancing existing properties more than securing funding for acquisitions. Notably, no Financial District buildings featured in the annual ranking.
3 Columbus Circle, $595 million
Rounding out the 10 biggest finance deals was yet another Columbus Circle transaction. In March, Moinian Group secured a $595 million loan from JPMorgan and Deutsche Bank to take full control of a building it has had an ownership stake in for 15 years. The 10-year loan carries a 3.91 percent interest rate.
The developer acquired the tower in 2004 for $250 million and has sold parts of it along the way, including a 48 percent stake to SL Green Realty. In 2012, it sold a six-story condominium to Young & Rubicam for $143 million.
Last year the building reportedly was valued at close to $1 billion. Moinian purchased SL Green’s stake that year, and the most recent financing bought out Young & Rubicam’s stake in the building for $266 million.