65 East 55th Street

Blackstone secures a $308.5 million refinancing deal for Park Avenue Tower, replacing a $425 million CMBS loan from 2019. Morgan Stanley originated the new loan packaged into CMBS for investor sale. The 36-story building at 65 East 55th Street, housing financial service tenants, saw a 27% smaller loan. Blackstone’s equity contribution or additional mezzanine borrowing possibly influenced the reduced loan size. Occupancy at the tower has improved, dropping availability to 14% from 23% since 2019. Despite gains, tenants have been offered downsizing options to sustain occupancy.