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229 West 43rd Street | 57,104 RSF (Direct Lease)
229 West 43rd Street
Floor/Suite:
Entire 8
Size:
57,104 RSF
Lease type:
Direct
Condition:
Furnished
Virtual Tour:
- 229 West 43rd Street
- between Seventh Avenue and Eighth Avenue
- Owned by: Kushner
- 238,557 Total RSF
- 18 floors
Building Details
- The $386 million decline in the property’s value, from $470 million to $84 million, was the biggest valuation dip of the first half, topping a 57 percent drop of Brookfield’s 1.4 million-square-foot Gas Company Tower office property in downtown Los Angeles, the CRED iQ analysis shows.
- The valuation of 229 West 43rd was $109 million in December 2021 two years after a $295 senior million loan tied to the property transferred to special servicing, according to CRED iQ. The loan defaulted in March 2021 with a receiver subsequently appointed.
- The initial $470 million appraisal Kushner received on 229 West 43rd came on the heels of acquiring the 18-story property in the fall of 2015 for $296 million from Africa Israel USA, a U.S. subsidiary of Israeli investment firm Africa Israel Investments, Commercial Observer previously reported.
- In October 2016, Kushner received a $370 million debt package to refinance the property in October 2016 that includes a $285 million commercial mortgage-backed securities (CMBS) loan from Deutsche Bank (DB). The deal also involved a $70 million mezzanine loan from Paramount Group and a separate $15 million mezzanine piece from SL Green (SLG) Realty Corp.
- Mike Hass, founder of CRED iQ, noted that net operating income for the property — according to the latest estimates — was between $10 and $13 million, compared with $21 million when it was underwritten.
As of 04-28-2023