Avison Young has successfully arranged a $24 million refinancing for a retail condominium located at 30 E. 85th St. in Manhattan’s prestigious Upper East Side neighborhood. The property is owned and developed by The Zucker Organization, an affiliate of which was represented by Avison Young’s Tri-State Debt & Equity Finance Team.
The retail condo spans over 35,000 square feet and is fully leased to multiple tenants, including an E by Equinox location on the second floor. Avison Young’s team, led by principal & co-lead Scott A. Singer along with executive director Kevin Swartz, senior director Jeffrey Moroch and associate director Andrew McNulty secured the financing through JPMorgan’s CMBS platform for a term of ten years.
The proceeds from this loan will be used to pay off the existing loan on the property which is managed by Manhattan Skyline Management – another division of The Zucker Organization.
Strategically situated in one of Madison Avenue’s prime retail corridors between 84th and 85th streets, this building was originally developed in 1987 and has maintained consistently high occupancy rates under The Zucker Organization’s management.
