NYCB Lends $78M to Refi Debt on Stellar’s NoMad Office Building
By Mack Burke September 6, 2019 1:14 pm
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New York Community Bank has provided a $78 million refinance of previous debt backed by Stellar Management’s commercial asset at 44 West 28th Street in NoMad, according to city records filed today.
The deal consolidated roughly $66.9 million in previous debt supplied by North Fork Bank in 2007 — prior to its 2008 merger with Capital One (COF) — and Capital One in 2009, which was eventually assigned to New York Community Bank (NYCB), records show. This transaction also included a new, $11.1 million NYCB mortgage.
Stellar bought the 16-story building — between Avenue of the Americas and Broadway — for $51.5 million in June 2007, facilitated by a $50 million loan from North Fork.
Built in 1911, the roughly 142,000-square-foot office building was last renovated in 1990, according to information from PropertyShark. It has around 133,000 square feet of office space and 9,000 square feet of retail.
In October last year, coworking giant WeWork (WE) inked a 10-year lease for 34,500 square feet in the building, as CO previously reported. The company took over the third, fifth and 12th floors of the 16-story building to establish an “HQ by WeWork,” which was scheduled to open this year, as The Real Deal first reported at the time. Asking rent for the space was $54 per square foot, JBA Real Estate CEO and president Jonathan Bernstein told CO at the time of the deal.
The building is currently home to businesses such as software service investing and funding platform Gust, which has its corporate headquarters on the seventh floor, and Jewish arts and culture nonprofit Reboot, which has space on the eighth floor.
Officials at Stellar Management did not immediately respond to an inquiry and neither did an official at NYCB.
