Empire State Realty closes $180m loan for Manhattan office property

Empire State Realty closes on $180m loan for Manhattan office property
250 West 57th Street New York Image: Empire State Realty Trust

Empire State Realty Trust has closed on a $180 million mortgage loan for 250 West 57th Street, a 542,000 square foot Manhattan office and retail property.

The new interest-only loan bears a fixed rate of 2.83% and matures in December 2030. The loan was arranged by Estreich & Company.

“We are pleased to close on this financing transaction,” said Christina Chiu, Empire State Realty Trust’s EVP and Chief Financial Officer. “The strong execution reinforces the quality of ESRT’s assets and our ability to access the capital markets.”

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Located just steps from the Time Warner Center, Carnegie Hall, Lincoln Center, Central Park, and Nordstrom’s future flagship location, 250 West 57th Street, the Manhattan office and retail property, comprises of 26 stories and 541,738 rentable square feet of office space.

Situated on the 57th Street corridor, 250 West 57th is in the heart of it all surrounded by the corporate headquarters of Random House, Hearst Corporation, Open Society Foundations (Soros), and Young & Rubicam.