Andalex refis downtown trophy with $150m loan

Real Estate Weekly, May 11, 2005

The Andalex Group has closed on the refinancing of 101 Avenue of the Americas with a $150 million loan provided by Wachovia and Lehman Brothers.

The 400,000 s/f trophy property, located just above Canal Street in one of Lower Manhattan's prime business districts, is fully occupied by the Building Service Employee International Union Local 32B-32J.

"We have a remarkable property at 101 Avenue of the Americas and a wonderful tenant with whom we have enjoyed a long and successful relationship," said Allen Silverman, president and CEO of The Andalex Group.

"Working with Wachovia and Lehman Brothers, we were able to take advantage of historically low interest rates, helping us ensure the building remains a premier Downtown property."

Built in 1991 by Allen Silverman and minority partner, Edward Minskoff, 101 Avenue of the Americas was designed by renowned architects Fox & Fowle to meet the needs of Local 32B-32J, allowing consolidation of operations that had been scattered in 30 different locations.

The highly customized property features a host of amenities including a legal center, a fully equipped fitness center, a 1,000-seat auditorium, continuing education facilities, a 400-seat cafeteria and a conference center with simultaneous language translation capabilities. The building also has a state-of-the-art health care center that provides union members with full diagnostic services, laboratory testing, ambulatory surgical procedures and dental care.

In addition to 101 Avenue of the Americas, Andalex owns a diverse portfolio of properties across the country including the Sylvan Corporate Center, a sprawling 19-acre corporate campus in Englewood Cliffs, NJ.