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A new skyscraper located at 425 Park Avenue in Manhattan, anchored by Ken Griffin's Citadel, has secured a $911 million refinancing deal provided by Sumitomo Mitsui Trust Bank. Citadel will occupy at least 850,000 square feet as anchor tenants in their new Manhattan offices. Additionally, there is approximately 20.2 million square feet of vacant office space in Lower Manhattan, equivalent to nine empty Empire State Buildings. The commercial real estate market in NYC shows further signs of distress, with the valuation of another Class A office tower at 750 Lexington plummeting by 83% since 2015, from approximately $300 million to $50 million.
Citadel “will serve as anchor tenants,occupying at least 850,000 square-feet for their new Manhattan offices.” #NYC 🔥 https://t.co/aOBS1CHJS0
JUST IN: The value of a Class A office tower (750 Lexington) in NYC has declined a shocking 83% since 2015 According to Morningstar, the estimated ~$300M valuation from 2015 has been slashed to just ~$50M A $130M loan tied to the building transferred to special servicing back… https://t.co/hnOPjA7cfE
“…there is approximately 20.2 million square feet of vacant office space in Lower Manhattan, which is the equivalent of nine empty Empire State Buildings.” (Good day and good luck.)