JLL secures $20M loan for Midtown Manhattan office building
Firm represents Windsor Management Corp in refinancing multi-tenant office property in Manhattan’s most desirable office submarket
NEW YORK, December 30, 2019 — JLL Capital Markets has successfully arranged a $20 million refinancing for 16 West 36th Street, a 13-story, 67,271-square-foot office building with street level retail in the heart of Manhattan’s Midtown South submarket.
The group worked on behalf of owners Windsor Management Corporation to secure the 10-year, fixed-rate refinancing through a life insurance company.
16 West 36th Street is positioned mid-block between Fifth and Sixth Avenues. It was built in 1920 and has been owned by the borrower since the 1940s. The average floor plate in the building is 5,057 square feet, allowing smaller, boutique tenants to enjoy a full-floor presence. The property is currently 97 percent occupied and offers prime street-level retail space, which is currently home to Clinton Hall, one of New York City’s most popular sports bars.
Windsor Management has recently invested in the property, retrofitting suites for new tenants with high-end finishes, including glass walls, new bathrooms, polished concrete floors, LED lights and luxury kitchen pantries with stone countertops.
The property is located in the Garment District, offering easy access to Bryant Park, Times Square, Madison Square Park and Madison Square Garden. Its central location is within a five-block radius of major transportation hubs, including the 7, B, D, F and M stops at Bryant Park, the 1, 2, 3 and LIRR at Penn Station, and the 4, 5, 6, and 7 at Grand Central, as well as the Port Authority bus terminal.
The JLL Capital Markets professionals handling the refinancing included Managing Director Steven Klein and Associate Alex Staikos.
“This is an extremely well located asset with a best-in-class multi-generational family owner and operator,” Klein said. “Few groups have the breadth of experience owning and operating assets of this profile in this submarket as Windsor Management.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and 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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Windsor Management Corp.
Windsor Management Corporation is a commercial real estate company in New York City. Founded in 1944, the company manages nine commercial office buildings in mid-town south, New York City, Westchester and Connecticut owned by the Kiamie family. The Kiamie family has successfully completed transactions in over 1 million square feet of office and retail space. Their current portfolio consists of over 800,000 rentable square feet featuring a diverse tenancy.