Business
Newmark Facilitates $175 Million Joint Venture Capitalization of Premier Boutique Plaza District Office Building
NEW YORK , July 15, 2022 /PRNewswire/ -- Newmark has arranged $175 million in capitalization to facilitate the acquisition and renovation of 45 East 53rd
About this update from Newmark Group, Inc.
[{"type":"text","content":"NEW YORK , July 15, 2022 /PRNewswire/ -- Newmark has arranged $175 million in capitalization to facilitate the acquisition and renovation of 45 East 53rd Street (\"Park 53\"), a premier office building located in the Plaza District of Midtown Manhattan, by a joint venture formed between ZG Capital Partners and Rialto Capital Management. The Newmark team was led by Vice-Chairmen and Co-Heads of the Debt & Structured Finance team Dustin Stolly and Jordan Roeschlaub with Senior Managing Director Daniel Fromm. Eden Abraham and Michael Dorfman provided additional support on the transaction. ACRES Capital provided the loan to finance the acquisition and fund the comprehensive renovation plan, which will position the asset as a highly amenitized boutique Park Avenue office building. The joint venture has hired Newmark's Brian Waterman and Scott Klau to handle the leasing of the asset.\n\n \n \n \n \n \n \n\n \nNewmark arranged the joint venture between ZG Capital and Rialto Capital Management for the project, with a total future capitalization of $175 million, of which $120 million will come from the loan and $55 million will come from equity. The effort to raise capital for the project is part of Newmark's continued push into complex joint venture financing. Led by Stolly and Roeschlaub, the initiative focuses on raising capital for platform and programmatic joint ventures. Most recently, the group arranged a total of $432 million in joint venture financing for a luxury Manhattan waterfront residential development and 2600 Biscayne Boulevard in Miami.\nInitially developed in 1991 as the NYC headquarters for Santander Bank, Park 53 represents a twenty-story, 129,000 square foot boutique office tower featuring a striking glass and steel facade and irreplaceable location on the corner of 53rd Street and Park Avenue, just a short walk from Grand Central. The property's positioning behind the one-story landmarked Lever House provides all floors with exceptional natural light and views of Park Avenue without the risk of obstruction from future development. Park 53 will offer tenants reimagined workspaces, a full suite of amenities and unparalleled access to the city along the iconic Park Avenue.\nThe full-scale interior renovation and modernization of the asset and the building's efficient column-free floor plates are expected to attract st...