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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES $40 MILLION FINANCING FOR FEE OWNER OF 330 W. 34TH STREET |
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Friday, March 22, 2002
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New York, NY
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Sonnenblick-Goldman Company, acting as exclusive advisor to 330 W. 34th Street Associates, has arranged mortgage financing of $40 million for the underlying fee located at 330 W. 34th Street. The 10-year, fixed-rate first mortgage was placed with a New York-based investment bank.
The property, which totals approximately 46,000 square feet, is located in the Penn Station submarket of Manhattan's West Side and occupies a block through parcel on West 34th Street between Eighth and Ninth Avenues. It is ground leased to an entity controlled by Vornado Realty Trust under a long-term lease and underlies Vornado's approximate 700,000-square-foot office building.
"The attractive terms and quick execution of this transaction are indicative of the desirability of fee land financings in Manhattan, the strong underlying credit and excellent location of the property," said Mort Holliday, managing director in Sonnenblick-Goldman Company's New York office. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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