Bank of America Provides $24M Refi on Gotham Hall in New York City
Also known as the Haier Building, the 1924 landmarked neoclassical structure is owned by Jenel Real Estate.
By Brian Pascus January 2, 2024 3:58 pm
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Jenel Real Estate, a firm based in New York City, has secured $23.8 million in refinancing for The Haier Building, a landmarked office building in Midtown Manhattan that was formerly the Greenwich Savings Bank and now serves as an event space known as Gotham Hall.
PincusCo first reported news of the refinancing.
Bank of America (BAC) provided the loan to the property, which Jenel Real Estate first bought a stake in back in 2001, according to Pincus. The previous debt on the building was a $23 million loan originated in 2013 and securitized in 2014.
Located at 1356-1362 Broadway, between 37th Street and 36th Street, Gotham Hall was built in 1924 and features corinthian columns of limestone and sandstone in the classical-revival style, mimicking ancient Roman and Greek architecture. The building was designed as a New York landmark in 1992 and selected to the National Register of Historic Places in 2005.
Originally named after the Haier Corporation, a Chinese multinational appliances and consumer electronic firm that bought the building in 2000, the seven-story, 76,000 square-foot building boasts 105 feet of frontage facing Broadway and sits just blocks from Bryant Park.
Gotham Hall has hosted weddings, concerts, fundraising galas, fashion shows, and has been featured in HBO broadcasts, according to the building’s website. The building generated $5.7 million in revenue, according to Pincus’ review of the most recent property income and expense figures, while the city valued the property at $30.5 million in 2022.
Brian Pascus can be reached at bpascus@commercialobserver.com
