At a glance
- The 29-story building at 260 West 52nd Street opened in 1987 and sits between the Theater District and the south entrance of Central Park.
- Marc Ehrlich, president of Rose Associates, said the Ellington financing is the first of what is expected to be several acquisition deals between Rose and MSREI, according to the report.
- Commercial Observer's recent column framed refinancing pressure as an equity problem: occupied, revenue-generating buildings failing refinance tests because income has not kept pace with a higher cost of capital.
AXA Equitable provided $103 million to Rose Associates and Morgan Stanley Real Estate Investing (MSREI) to recapitalize the Ellington, Commercial Observer first reported. The 29-story building at 260 West 52nd Street opened in 1987 and sits between the Theater District and the south entrance of Central Park. No broker was listed on the transaction.
Marc Ehrlich, president of Rose Associates, said the Ellington financing is the first of what is expected to be several acquisition deals between Rose and MSREI, according to the report. "By consolidating the ownership structure, we've positioned the Ellington for a very promising future," Ehrlich said.
Commercial Observer's recent column framed refinancing pressure as an equity problem: occupied, revenue-generating buildings failing refinance tests because income has not kept pace with a higher cost of capital.
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections