Silverstein and Calstrs paid $400 million for the building. The balance on a loan being transfered to so-called special servicing is $325 million, Fitch said.
The CMBS loan is
- split into two $162.5mm pari passu notes.
- LNR is the Special
- YE '09 DSCR 0.71x; Occupancy at 89%; $14.4mm NOI (underwater at even tight cap rates)
- 639,685 Square Feet. Includes Cornell University (16.63%; expires 3/2018).
- Special Servicer notes that the Feb 2009 inspection rating was "Fair" and that the borrower is asking $70+psf rents on vacant space. Average Class A Manhattan Office is more like $60-$65 psf.
- Unlike a lot of other NYC Office that is underwater, there is $0 in the Debt Service Reserve on this property. There is a small Replacement reserve ($432k) and a $6.2mm TI/LC reserve account.
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