citybizlist : New York : GFI Realty Arranges $150.6 Million of Financing for 330 West 42nd Street
GFI Realty Services, LLC today announced that it has arranged a $150.6 million floating-rate loan on behalf of 330 West 42nd Street, a 33-floor office building located in the Midtown West section of Manhattan. GFI Director of Investment Sales and Finance Daniel Lerer and Senior Director of Finance Will Watkins procured the loan from Natixis.
The 590,000 square foot building was constructed in 1931 for McGraw-Hill, and served as the publishing firm’s headquarters for several decades, housing corporate offices as well as warehouse, retail, manufacturing and other facilities. The building has an occupancy rate of approximately 90 percent, and is currently receiving various upgrades, including new windows and façade work.
“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.”
The building will benefit from the revitalization of the west side of Midtown, including the extension of the 7 train and the mega-development underway at Hudson Yards. Abutting the Port Authority Bus Terminal, the building is ideally located for commuters and is proximate to more than a dozen MTA bus and subway lines.
“This transaction is a testament to GFI Realty’s ability to provide clients with thorough advisory services for the most significant and complex transactions,” said Michael Weiser, president of GFI Realty. “With the resurgence of the West Side, 330 West 42nd Street is sure to retain its position as a true New York City landmark.”
Designed in the Art Deco architectural style, the building’s striking exterior walls contain curving steel bands of alternating green and blue stripes separated by chrome bars. The building was designed by Raymond Hood, the celebrated New York City architect who also designed Rockefeller Center. The tallest building in western Manhattan for close to 50 years, 330 West 42nd was declared a National Historic Landmark in 1989.