J.P. Morgan Finances Upgrades on Durst’s 655 Third Avenue
Damian Ghigliotty April 16, 2015, 3:30 p.m.
The Durst Organization took a $75 million loan from J.P. Morgan Chase to finance recent upgrades on its 30-story office tower at 655 Third Avenue—the first property the Durst family built from the ground up—city records show.
The three-year mortgage carries a floating interest rate over Libor, a spokesman for the real estate giant told Commercial Observer.
The Big East Conference, which oversees NCAA Division I competition for a number of sports, signed a 10-year lease for the building’s 13,742-square-foot seventh floor in April 2014 and settled into the new space in September. Durst customized the floor to accommodate the collegiate athletic conference.
Other tenants at 655 Third Avenue, located at the southeast corner of East 42nd Street, include Mitsubishi International Corporation, Nippon Life Insurance Company and the accounting firm Loeb & Troper.
The 425,000-square-foot Midtown East tower was completed in 1958. The property was originally leased and financed by Seymour Durst, while his brother Roy supervised management and his brother David handled property construction and design.