Soloviev Group together with lead lender Bank of America announced a $1.8 billion refinancing of its flagship tower, 9 West 57th Street, according to Chairman Stefan Soloviev.
As part of the execution, Soloviev Group hedged the index, significantly reducing the effective interest rate and further enhancing 9 West 57th Street’s long-term performance, the company said. Upon stabilization, the 50-story, 1.7 million-square-foot tower is expected to achieve a market valuation of $3.9 billion.
“This refinancing is a clear validation of the strength of 9 West 57th Street and the collaborative success of lead lender Bank of America, and secondary leads Wells Fargo and Citibank,” Stefan Soloviev said.
Stefan Soloviev recently announced a 10-year lease averaging $340.00 per rentable square foot, the highest rate ever achieved for the renowned building and what the company believes to be the highest rent ever recorded in the New York City commercial marketplace.
Over the last several years, 9 West 57th Street has attracted the strongest roster of commercial tenants in New York City, most recently welcoming HBeyond, The U.S. Soccer Federation, Hess Group, Beaconlight Capital, and Platinum Equity. The property’s distinguished list of tenants also includes long-term large footprint occupiers Apollo Global Management, CHANEL, Loews Corporation, Qatar Investment Authority, Coatue, Veritas and Standard Industries. Additionally, recent additions of Mousse Partners, Davidson Kempner, Tikehau Capital, Jain Capital, PointState Capital,and Panco Operations.
The soaring skyscraper recently completed major upgrades to the lobby, elevator modernization, and building system technology. Additionally, as part of its renewed commitment to bolstering the tenant experience, 9 West 57th Street introduced new amenities including a 20,000 square foot amenity floor, offering Central Park views, modern conferencing, multi-functional meeting space, a grab and go coffee bar, executive dining and a hospitality area.
