3650 REIT Provides $65M Refi for Turtle Bay Condominium Property
Refinancing will go toward 9 condo properties in tower owned by Williams Equities
By Brian Pascus February 29, 2024 12:37 pm
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Williams Equities has secured a $65 million refinance for its mixed-use condo building in the Turtle Bay neighborhood east of Midtown Manhattan.
PincusCo first reported the deal that closed on Feb. 20 and was recorded on Feb. 27.
3650 REIT provided the $65 million refinance loan to Williams Equities on nine condo properties associated with the 17-story mixed-use building, which includes ground-floor retail and office space. Toby Cobb, co-founder and managing partner of 3650 REIT, facilitated the deal.
Williams Equities’ principal Michael T. Cohen and general counsel William E. Stempel were listed as the principal landlords on the deal. The building is partially owned by Meyer Equities, a real estate investment firm based in New York City.
Located a block from the United Nations at 304 East 45th Street in the Turtle Bay enclave east of Midtown, the structure known as the Allied Arts Building was built in 1928 and stands 17 stories tall. The building was designed by architects Albert Buchman and Ely Jacques Kahn, and the latter served as an adviser to novelist Ayn Rand during her research on her novel “The Fountainhead,” published in 1943.
The building comprises a total of 342,145 rentable square feet divided among condominiums, office space, and ground-floor retail. Floor sizes range from 1,624 square feet to 26,215 square feet, according to the Williams Equities website.
Neither Williams Equities nor 3650 REIT responded to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
