NEW YORK, Jan. 15, 2024 - JLL Capital Markets announced today that it has arranged a $33 million refinancing for 111 West 19th St., an eight-story, 189,731-square-foot office and retail building located in the heart of New York City's iconic Chelsea neighborhood.
A JLL debt advisory team led by Senior Managing Director Aaron Niedermayer represented the borrower, the Kaufman Organization, securing financing from Citigroup Inc.
The property, which has been owned by the Kaufman Organization for over 70 years, is currently occupied by a diversified tenancy, including the iconic Kleinfeld Bridal as the retail tenant. The block-through building, located on West 19th and West 20th streets between 6th and 7th avenues, is steps from Chelsea's restaurants, retail and nightlife, while standing in proximity to nearly all of Manhattan's subway lines.
"The property stands out in the market as a destination for tenants seeking a superior quality building and the benefits of a dynamic Chelsea location," said Niedermayer. "This transaction demonstrates that lenders continue to aggressively compete for well-located, high-quality office assets with best-in-class sponsors such as the Kaufman Organization."
The side-core property offers tenants excellent light and air, with entrances and expansive windows on both 19th and 20th streets, interior light wells with windows on both sides, and lofted ceiling heights ranging from 12 to 14 ft. and flexible, 23,000-square-foot floor plates. Tenants on the upper floors have unobstructed views of Midtown and Downtown Manhattan, while the top floor has roof terraces on both the north and south sides of the building.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor Knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
Attachments
Disclaimer
Jones Lang LaSalle Inc. published this content on 21 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2024 21:40:52 UTC.
