Manhattan Landmark Gets $386M Refi
- Sep 26, 2019
DTH Capital and Rose Associates have refinanced 70 Pine St., a 1 million-square-foot landmark skyscraper in Manhattan’s Financial District that has been converted to residential and mixed-uses, with a $386 million mortgage provided by Goldman Sachs.
Hunton Andrews Kurth LLP advised EBNB 70 Pine Owner LLC, the joint venture of DTH Capital and Rose Associates that acquired the 66-story, Art Deco building in 2011. Hunton’s legal team was led by New York Partner Matthew A. Scoville and Associates Douglas Hoffmann of New York and Jason Antrican of Houston. Scoville and Hoffmann were part of the Hunton team that arranged a $375 million refinancing in May 2017 that featured both permanent and mezzanine financing. That financing, from Brookfield Real Estate Financial Partners LLC, Bank of China and ING repaid an existing construction mortgage.
In the latest refinancing, the Goldman Sachs team was represented by a team led by Daniel C. Reynolds and Aron M. Zuckerman. Christopher J. Bachand-Parente and William Xiong of Cleary Gottlieb Steen & Hamilton LLP also represented the lender.
The 952-foot tall tower was built in 1932 for Cities Services Co., now Citgo. American International Group, a global insurance and financial firm also known as AIG, bought the office building in 1976 and sold it in June 2009, in the midst of the Great Recession. Soon after the new owners acquired the property in 2011 for $205 million, they began a $550 million renovation to turn the office tower into a luxury residential building.
The property has 644 residential units with studios, one-bedroom, two-bedroom, three-bedroom and penthouse floorplans. For residents of 70 Pine St., amenities include a wellness center, business center, clubhouse, children’s playroom, media room and private balconies or patios in select units. Rents range from $3,575 for studios to $11,475 for the largest three-bedroom units and $11,535 for penthouses. Average rent is $6,854, according to Yardi Matrix data.
In April 2014, Furnished Quarters began operating a 132-key, 119,000-square-foot extended-stay hotel on floors three through six. Lyric, a hospitality startup backed by Airbnb and other investors, has recently taken over the lease from Furnished Quarters and will continue to offer apartment-style lodging in suites that contain full kitchens and living rooms.
The tower also has 35,000 square feet of retail including a bowling alley, New York Sports Club fitness center, City Acres Market, Black Fox Café and Crown Shy restaurant. The operators of the ground-floor Crown Shy eatery will soon be opening SAGA, a fine-dining restaurant and bar with private dining spaces that will be located on floors 62 through 66 and offer spectacular views.