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Blackstone Refinances 670K SF Office At 425 Park Ave With $911.4M Loan

425 Park Avenue
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This Office property located in NY received a loan of $911,400,000 over 2 years ago. The brokers of the deal were Michael "Mike" Tepedino and Michael Gigliotti

425 Park Avenue, located in the Plaza District, has recently undergone a loan refinance transaction. The office building, spanning 670,000 square feet, was involved in this deal.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $911,400,000
  • Date: 12/20/2021
  • Lender: blackstone''>Blackstone Real Estate Debt Strategies
  • Landlord: L&L Holding Company - Robert Lapidus & Susan Choi Raffo
  • Brokers: Michael Tepedino & Michael Gigliotti - JLL Capital Markets

The loan refinance was facilitated by Blackstone Real Estate Debt Strategies. L&L Holding Company, represented by Robert Lapidus and Susan Choi Raffo, is the current landlord of 425 Park Avenue. The brokers involved in the transaction were Michael Tepedino and Michael Gigliotti from JLL Capital Markets.

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Deals
  • Location
    425 Park Avenue, New York City, New York 10022, United States425 Park Avenue, New York City, New York 10022, United States
  • Loan Value
    $911,400,000$911,400,000
  • Asset Type
    OfficeOffice
  • Parties
    2 Brokers, 1 Agency, 1 Lender2 Brokers, 1 Agency, 1 Lender

Agents

Michael "Mike" Tepedino

Michael "Mike" Tepedino

Deals11
Financed$4.2B

Michael Gigliotti

Michael Gigliotti

Deals13
Financed$2.2B

Agency

JLL

JLL

Agency
Deals5591
Volume$332.6B

Blackstone

Blackstone

Lender
Deals21
Volume$ 501.6B

Deal Summary

LOAN IMAGE: Jon Gray, Robert Lapidus, Kenneth Kaplan, Stephen Schwarzman & Kathleen McCarthy DATE: 12/20/2021 ADDRESS: 425 Park Avenue MARKET: Plaza District ASSET TYPE: Office ~ SF: 670,000 LENDER: Blackstone Real Estate Debt Strategies LANDLORD: L&L Holding Company - Robert Lapidus & Susan Choi Raffo BROKERS: Michael Tepedino & Michael Gigliotti - JLL Capital Markets LOAN AMOUNT: $911,400,000 LOAN TYPE: Refinance

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425 Park Avenue

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