Cushman & Wakefield Sonnenblick Goldman Arranges Financing for 1385 Broadway in New York

19 Apr, 2010, New York

Cushman & Wakefield Sonnenblick Goldman, serving as the exclusive advisor to an affiliate of Bloomingdale Properties, Inc. has arranged a $35 million first mortgage financing for 1385 Broadway, a 500,000-square-foot office and showroom building in Manhattan. The 10-year loan was provided by a commercial bank.

Rising 23 stories, 1385 Broadway is located three blocks north of Herald Square on the southwest corner of the intersection of West 38th Street and Broadway. The property is in the final stages of a significant capital improvement and modernization plan that includes a completely renovated lobby and entrance, window replacement, and an upgrade or replacement of several building systems.

The changing dynamics of the neighborhood have encouraged an influx of corporate tenants, such as New York State Health Foundation, which now occupies the entire 23rd floor. The building's list of tenants still includes many garment retailers and showrooms.

"The transformation and robust leasing activity at this property in a challenging economic environment is nothing less than astounding," remarked Steve Kohn, president of Cushman & Wakefield Sonnenblick Goldman.

"The positive response from lenders to this opportunity was reminiscent of times when there was much greater liquidity in the market," said Alex Hernandez, senior director at Cushman & Wakefield Sonnenblick Goldman.

In addition to providing property management services, Cushman & Wakefield is the ownership's exclusive leasing agent. In a little over a year, the leasing team, led by Jonathan R. Serko, Gary Greenspan, and Diana Gaines, has completed 34 transactions totaling approximately 200,000 square feet - more than 35 percent of the building's rentable space - in a series of new leases, renewals and relocations within the property.

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