Muss Nabs $47M from Nationwide to Refi Midtown Office Building
Nationwide Life Insurance Company provided Queens-based Muss Development with a $47 million loan to refinance 64 West 48th Street in Midtown, according to records filed with the New York City Department of Finance.
The 15-year loan consolidates and replaces roughly $30 million in previous debt on the property—provided by Capital One and the real estate arm of global investment firm Yellow Brick Capital—and provides Muss with an additional $17 million gap mortgage.
The approximately 130,000-square-foot high rise includes more than 8,000 square feet of ground level retail space, according to CoStar Group, and was built in 1926. It sits adjacent to Rockefeller Center, between Fifth Avenue and Avenue of the Americas. Muss acquired the 17-story building for roughly $55 million in 2008, property records show, with a goal to reposition the property into a boutique office building, according to Muss’ website.
The long-time New York City developer has restored the building’s main lobby, added new elevator cabs, renovated the common areas, windows and bathrooms and upgraded the property’s exterior and roof. Muss also improved the building’s electrical and security systems.
The building is currently 95 percent leased. Its largest tenant is logistics and delivery firm Deluxe Delivery Systems, which holds 9,197 square feet on the fourth floor, according to CoStar Group. Current rents at the building range from $58 to $71 per square foot, according to CoStar’s estimates.
A representative for Nationwide did not immediately return a request for comment on the transaction and neither did a representative for Muss Development.