Goldman Sachs provided a $50 million mortgage to Thor Equities for its recently acquired retail condominium space in the Row NYC Hotel at 700 Eighth Avenue, a person familiar with the transaction told Mortgage Observer on background.
The Midtown-based real estate firm bought the retail condo from a venture between Highgate Holdings and Rockpoint Group, which owns the hotel, for $64 million on March 27. The acquisition took the form of a long-term lease that extends to Feb. 29, 2112, according to the person familiar with the transaction.
The space acquired totals 27,456 square feet, including 11,675 square feet on the ground floor, 11,862 square feet below grade and 3,919 square feet on the second-floor lobby level.
Following a recent $140 million redevelopment, the 27-story hotel formerly known as the Milford Plaza, and later The Milford, reopened as Row NYC in early March. The rebranded hotel contains more than 1,300 rooms.
“Centrally located in Midtown Manhattan, ROW NYC will be subject to millions daily,” according to Thor’s website. “With more than 12 million theatergoers annually, close proximity to Times Square, a destination gathering 27 million visitors and tourists each year; all in addition to Midtown’s booming residential market, ROW NYC is unmatched in terms of visibility in New York City.”
The storefront, located near the Port Authority Bus Terminal, sits in close proximity to brand-name chain retailers American Apparel, American Eagle Outfitters, Forever 21 and Sunglass Hut. The New York gift store ‘I Love NY Gifts by Phantom of Broadway’ has signed a lease to become one of the first retail tenants at 700 Eighth Avenue, Thor recently announced.
A spokesperson for Thor declined to comment on the Goldman Sachs loan, which closed on April 28.