Empire Capital Scores $215M Loan for 1330 Avenue of the Americas Purchase

A group of investors including Empire Capital Holdings have scored $215 million in acquisition financing from Deutsche Bank for their $320 million purchase of 1330 Avenue of the Americas, according to sources with knowledge of the deal.

Empire, Hakimian Capital, CH Capital Group, Creed Equities and Nassimi Realty bought the 40-story building between West 53rd and West 54th streets from a joint venture of Blackstone Group and Scott Rechler’s RXR in a deal that closed Thursday, roughly four months after it went into contract, according to a source. 

The sale managed to close even amid a tough office market still marred by high availability rates, particularly in Midtown, where the 534,000-square-foot office tower is. It forced the lenders to think outside the box on securing debt for the purchase, said Meridian Capital Group’s Elliott Kunstlinger, who arranged the financing with Drew Anderman and an Eastdil Secured team.