GFI Realty Services LLC arranged a $150.6 million, floating-rate loan secured by the Deco Tower at 330 W. 42nd St. in New York City.
Daniel Lerer, director of investment sales and finance, and Will Watkins, senior director with GFI procured the loan for the borrower. Natixis Real Estate Capital provided the funding.
The 33-story, 590,000-square-foot, 4-Star office tower was originally constructed in 1931 in the Art Deco style by McGraw-Hill Companies, Inc. with Hood & Foulihoux, architects for McGraw-Hill’s corporate headquarters. The tallest building in Midtown West for almost 50 years, the asset was declared a National Historic Landmark in 1989.
“Because the building was designed to support massive printing presses, 330 West 42nd has the structural make-up that would allow for conversion to the loft-style, open-floor office layouts that are in increasing demand,” said Lerer. “We were able to successfully highlight the building’s history, stability and potential. Ultimately, we secured an attractive deal for the sponsor with a competitive floating-rate loan.”
Today the asset boasts a 90-percent occupancy