Avison Young Arranges Refi on Upper East Side Retail Condo
Avison Young arranged a $24-million first mortgage refinancing of a retail condominium at 30 E. 85th St. on Manhattan’s Upper East Side for an affiliate of owner/developer The Zucker Organization. The 35,000-square-foot, multi-tenanted property is fully leased, with tenants including an E by Equinox location on the second floor.
The Zucker Organization was represented by Avison Young’s Tri-State Debt & Equity Finance Team, led by principal & co-lead Scott A. Singer, executive director Kevin Swartz, senior director Jeffrey Moroch and associate director Andrew McNulty. The team arranged the 10-year loan with JPMorgan’s CMBS platform, and proceeds will be used to repay the existing loan. The retail condo is managed by Manhattan Skyline Management, a division of The Zucker Organization.
Located in a prime retail corridor of Madison Avenue between 84th and 85th streets, the building was developed by The Zucker Organization in 1987 and the two-story retail portion has maintained consistently high occupancy.
