Newmark Facilitates $175 Million Joint Venture Capitalization of Premier Boutique Plaza District Office Building
Newmark has successfully arranged $175 million in financing for the acquisition and renovation of 45 East 53rd Street in Manhattan, a joint venture between ZG Capital Partners and Rialto Capital Management. The financing consists of $120 million from a loan and $55 million from equity. Newmark's team, led by Dustin Stolly and Jordan Roeschlaub, aims to enhance the office space's appeal through modernization and amenities. The building, originally developed as Santander Bank's NYC headquarters, is poised to attract small and medium-sized tenants with its prime location and upcoming renovations.
- Total capitalization of $175 million arranged, including $120 million loan and $55 million equity.
- Joint venture with established firms ZG Capital and Rialto Capital enhances credibility.
- Renovation plans expected to attract strong demand from tenants seeking premium office space.
- Strategic location in the Plaza District of Midtown Manhattan boosts property value.
- None.
NEW YORK , July 15, 2022 /PRNewswire/ -- Newmark has arranged
Newmark arranged the joint venture between ZG Capital and Rialto Capital Management for the project, with a total future capitalization of
Initially developed in 1991 as the NYC headquarters for Santander Bank, Park 53 represents a twenty-story, 129,000 square foot boutique office tower featuring a striking glass and steel facade and irreplaceable location on the corner of 53rd Street and Park Avenue, just a short walk from Grand Central. The property's positioning behind the one-story landmarked Lever House provides all floors with exceptional natural light and views of Park Avenue without the risk of obstruction from future development. Park 53 will offer tenants reimagined workspaces, a full suite of amenities and unparalleled access to the city along the iconic Park Avenue.
The full-scale interior renovation and modernization of the asset and the building's efficient column-free floor plates are expected to attract strong demand from small to medium-sized tenants seeking prestigious and highly amenitized full-floor space. Renovations will consist of a reimagined lobby, upgraded common areas and elevators, activation of outdoor spaces on the seventh and 11th floors and the addition of two amenity centers.
ZG Capital Partners is a New York-based real estate investment firm with extensive ownership and operating experience, led by Bobby Zar and James Tamborlane. The company targets both "stabilized", income-producing properties as well as "value-add" transactions that require renovation, repositioning and lease-up. The firm's goal is to effectively deploy capital and add value to their assets through intensive hands-on, day-to-day asset management. ZG Capital Partners' holdings include 1450 Broadway in Times Square, The Bruckner Building in Mott Haven, 654 Broadway, 1331-1365 Halsey Street, 1410 Lexington Avenue and 836 Broadway.
Rialto, in conjunction with its subsidiaries, is a fully integrated real estate investment management and asset management company with a dedicated special servicer. On behalf of the vehicles it manages, Rialto invests and manages assets throughout the real estate capital structure in real estate properties, loans and securities. Rialto is led by an experienced executive management team with a distinguished track record that spans multiple cycles. Rialto's professionals actively originate and manage investments across all property types nationwide. Led by Founder/CEO, Jeff Krasnoff and President, Jay Mantz, Rialto currently has professionals in 12 locations throughout the United States.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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