Manhattan, NY

$23,500,000 First Mortgage

In February 2022, a $23.5 million first mortgage was provided for a Class B CBD office building located at 695 Lexington Avenue in Midtown Manhattan. The 20-story property comprises approximately 103,000 square feet and was 38% occupied at closing, creating a significant value-add opportunity. The business plan focused on repositioning the building through a comprehensive renovation program, including a new lobby, restored façade, upgraded elevators, new VRF HVAC systems, and full interior office pre-builds to attract modern office tenants.

The property is prominently located at the southeast corner of Lexington Avenue and 57th Street, in the plaza district, one of Manhattan’s most established office corridors.