Signature Bank Refis Effy Jewelry Owner’s 590 Fifth with $75M Loan
By Andrew Coen August 19, 2022 11:18 am
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The owners of diamond ring designer Effy Jewelry have sealed a $75 million debt package to refinance a 19-story Midtown Manhattan office and retail property it acquired from SL Green (SLG) Realty Corp. last year, according to property records.
Signature Bank supplied the loan for the Hematian family’s 590 Fifth Avenue which it purchased for $103 million in October 2021. The family has owned Effy Jewelry since the company’s founding in the late 1970s.
Located between West 47th and West 48th street, 590 Fifth has retail on the ground, which brokerage firm KSR leased to a short-term gift shop prior to SL Green’s sale. SL Green took ownership of the 100,000 square-foot building in October 2020 from Thor Equities after a Uniform Commercial Code (UCC) foreclosure sale. The UCC sale came after Thor defaulted on a $24 million mezzanine loan from SL Green on the building.
Officials at Effy Jewelry did not immediately respond to a request for comment. Signature Bank declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
