Corebridge Financial Refis Meatpacking Office Property With $293M Loan – Commercial Observer
A joint venture between Aurora Capital Associates and William Gottlieb Real Estate has sealed a $293 million loan to refinance a mixed-use asset in Manhattan’s Meatpacking District, according to a release.
Corebridge Financial provided the fixed-rate, permanent loan on the 158,957-square-foot building at 40 10th Avenue. The 2019-built property features 112,241 square feet of office space and 46,176 square feet of retail on the first two floors.
Walker & Dunlop negotiated the debt with a team consisting of Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Jordan Casella and Stanley Cayre.
“40 10th Avenue stands out in building quality, location and experience — all elements that differentiate a property for tenants,” Stolly, senior managing director of the capital markets institutional advisory team at Walker & Dunlop, said in a statement. “The fully leased office component, institutional tenant roster and substantial outdoor space demonstrate the continued demand for high-touch, well-located workplaces in New York.”
The 10-story building has office tenants that include Starwood Capital Group, WestCap Management, RTW Investments, Stripes and Checkout.com. The retail portion of the property is occupied by Hyundai Motor.
The property is positioned for success, according to Walker & Dunlop, since the
Meatpacking District is one of Manhattan’s most supply-constrained office and retail submarkets.
Aurora Capital Associates and William Gottlieb Real Estate landed a $150 million loan from
Deutsche Pfandbriefbank in June 2020 to refinance construction debt to build the property, CO first reported at the time.
Corebridge Financial, Aurora Capital and William Gottlieb Real Estate did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
