$25m loan for Tiffany's home - Banking & Finance - Brief Article

Real Estate Weekly, Jan 14, 2004

Cronheim Mortgage Corporation served as advisor and correspondent on the placement of $25 million loan for 600 Madison Ave. in New York City.

The borrowing entity is 600 Partners Co., LP, and the loan is based on a 15-year term and 15-year amortization schedule.

The property is a 26-story, class A office building, containing 341,000 s/ f. It is located at the southwest corner of Madison Avenue and 58th Street in the Plaza District of Manhattan.

The building, designed by Emery Roth & Sons, was built in 1965 and has undergone recent improvements, including a new lobby. The primary tenant in the building is Tiffany & Co, which occupies 60% of the space.

Other office tenants in the building include the law firm of Pavia & Harcourt, Berkshire Bank, and luxury goods retailer Chanel. The ground floor retail space is leased to J. P. Morgan Chase.

600 Madison Ave. is situated in the heart of the Plaza District, Manhattan's most prestigious business center. It is only one block from Fifth Avenue, one of the world's major luxury retail centers. In its immediate vicinity lie landmark buildings such as The Plaza Hotel and Trump Tower.