Morgan Stanley, Deutsche Bank Provide $100M Refi for Madison Avenue Office
The Feil Organization has refinanced its interest in 488 Madison Avenue
By Brian Pascus June 6, 2024 4:20 pm
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The Feil Organization has secured $100 million to refinance its 447,000-square-foot office building at 488 Madison Avenue in Manhattan.
Morgan Stanley (MS) and Deutsche Bank (DB) provided the loan, while Jonathan Estreich of Estreich and Company represented The Feil Organization.
Brian Feil, principal at the Feil Organization, said in a statement that securing the refinancing for 488 Madison Avenue reflects his firm’s reputation among lenders and its ability to lease office property even in challenging market conditions.
“With its distinguished architecture, extensive interior renovations and prestigious tenant base, 488 Madison continues to be a commanding presence in the Midtown office market,” said Feil.
488 Madison Avenue sits between 51st and 52nd streets, adjacent to St. Patrick’s Cathedral. Designed by Emery Roth & Sons, the 25-story building, with its distinctive setbacks and wraparound glass facades, opened in 1948. Previous tenants included Look and Esquire magazines and New York Trust Company.
Today, the building boasts tenants such as the Archdiocese of New York, Ring Concierge, Shawmut Design and Construction, and Alvarez & Marsal Property Solutions.
Brian Pascus can be reached at bpascus@commercialobserver.com
