Apollo Supplies $59M Acquisition Loan for 110 East 42nd Street
By Andrew Coen December 22, 2021 3:26 pm
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Meadow Partners has sealed $58.5 million of acquisition financing for its purchase of an office condominium in Midtown Manhattan next to Grand Central Terminal, Commercial Observer has learned.
Funds managed by Apollo provided the loan toward 110 East 42nd Street, which Meadow Partners acquired from SL Green (SLG) Realty Corp. for $117 million. Newmark arranged the transaction with a team led by Dustin Stolly and Jordan Roeschlaub alongside Chris Kramer, Nick Scribani, Eden Abraham and Holden Witkoff.
“The swift execution speaks to the gravitas the sponsor has in the New York office market,” Stolly said in a statement.
Located between Park and Lexington avenues, 110 East 42nd Street is one of only 11 buildings that directly connect to Grand Central. The ground through fifth floor of the 212,934 square-foot property is owned by catering company Cipriani, which is the building’s anchor retail occupant. The exterior and lobby along with the Cipriani space, have been designated with landmark status by New York City.
“The immense interest in 110 East 42nd Street exemplifies the flight to quality office assets and emphasis on experienced sponsorships,” Roeschlaub said in a statement.
Officials for Meadow Partners did not immediately return a request for comment. Apollo declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
