Manhattan, NY

$18,200,000 First Mortgage

In February 2024, an $18.2 million first mortgage was provided for a prime street retail property located at 5 East 59th Street in Midtown Manhattan. The nine-story asset totals approximately 46,000 square feet and was 35% occupied at closing, presenting a value-add opportunity to reposition the property and re-lease space at market rents following a period of dislocation in the Manhattan retail market.

The property is located between Fifth and Madison Avenues, adjacent to the Plaza District and directly across from Apple’s flagship Fifth Avenue store, one of the highest-traffic retail locations globally.