Bryant Park Office Tower Trades for $290M
RFR Holdings closed on the $290 million purchase of 475 Fifth Avenue from sellers Nuveen Real Estate and Norges Bank Investment Management. JPMorgan Chase and Citigroup were the senior lenders on the $260 million loan that financed the transaction, while PCCP provided the mezzanine financing. The nearly fully leased 1920s-era property is located at the corner of East 41st Street directly across the street from the New York Public Library at Bryant Park; and had completed a $60 million renovation in 2014. First reports of a sale being in motion surfaced in October 2021; and at the time, “the transaction was heralded as a test for New York City’s office market, which has favored newly constructed Class A product post-pandemic,” with news of the deal terms holding up through closing a very positive sign.