Mark Cohen, Director in the New York office of L.J. Melody & Company, arranged fixed rate, longterm leasehold financing in the amount of $115 million on behalf of the Ginsberg Family Interests with the New York State Teachers Retirement System.
GEMSA, another Melody affiliate, will service the loan on an ongoing basis.
Located in the heart of the Plaza District, 625 Madison Ave. is a 16-story, 550,000 s/f black glass sheathed Class A office tower, encompassing the entire easterly block front of Madison Ave. between 58 th & 59 th Streets. The building had served as Standard Brands/ Nabisco's headquarters for almost three decades and for the past 15 years as the headquarters of Revlon. Revlon, prior to its lease expiration in the fourth quarter of 2003, had been returning space to the building's ownership. Ownership has been very successful in attracting new high quality tenants to the building in both the financial services and the luxury brands sector. Among others, recent additions to the office component include Polo/ Ralph Lauren, Firmenich, LVMH, Neiman Marcus, Davies Ward Phillips & Vineberg, LLP and Caxton Associates.
The property's retail component is anchored by such prominent, high-end retailers as Baccarat, Swarovski, Pierre Deux, Eres, Wolford, Fratelli Rosetti and Stuart Weitzman. 625 Madison Ave., acquired by Moses Ginsberg in 1954, is still owned by his family.
The borrower was advised by Bob Gianos and represented by Mitchell Berkey, a partner at Wolff & Samson PC. The counsel for the lender was John St. Jeanos, a partner at Herrick, Feinstein LLP, along with associate Ariadne Bender.
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