425 Park Ave

The owners of 425 Park Avenue secured a $911 million refinancing loan led by Sumitomo Mitsui Trust Bank, matching their previous package. Completed in 2022, the 47-story tower boasts a 90% leasing rate, with Citadel as the anchor tenant. Despite challenges in the office sector, premium properties like 425 Park Avenue demonstrate resilience. L&L president Rob Lapidus noted the market’s appetite for financing such ultra-premium towers. Situated between 55th and 56th streets, 425 Park Avenue stands as the first full-block tower on Park Avenue in nearly 50 years, overcoming construction delays and other obstacles.