State Farm Realty Mortgage provided a $30 million leasehold mortgage to the family-owned real estate firm the Zucker Organization for its Murray Hill Manor rental building at 166 East 34th Street in Manhattan.
The deal closed on March 6 and hit public records this week. Since the loan is a leasehold mortgage, the lender, listed as State Farm Senior Investment Officer John Higgins, can take ownership of the building if the borrower defaults.
Thursday’s Real Estate Board of New York gala packed an estimated 2,400 guests into the Hilton New York’s overstuffed Grand Ballroom—an increase from last year by about 200. The Commercial Observer walked the room, hobnobbed with brokers and landlords and taste-tested a dinner of steak and potatoes while washing it all down with a few stiff drinks. Staff Reporters Karsten Strauss and Al Barbarino get the inside dish.