Marcus & Millichap Capital Corporation (MMCC) has arranged $20 million in financing for the Class-A office condominium at 633 Third Ave. in Midtown Manhattan. Built in the 1960s, the 41-story, one-million-square foot property includes office and ground-floor retail. The financing was secured by Daniel H. Lisser, senior director, and Rick Lechtman, first VP, based out of MMCC’s Manhattan’s office.
“This was our second financing for the same property, having previously arranged a loan in 2019,” said Lisser. “Including the initial funding, over $30 million is being spent to improve and modernize the property.”
The 12-year loan has an interest-only term of two years, at an interest rate which will float during the first two years and then be fixed at a rate in the low 5.00% range for the rest of the term. The property was previously converted into a condominium structure and sold to a diverse group of owners.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).