Newmark Arranges JV to Acquire Park 53 in Plaza District
Newmark has arranged $175 million in capitalization to facilitate the acquisition and renovation of 45 E. 53rd St., a/k/a Park 53, by a joint venture formed between ZG Capital Partners and Rialto Capital Management. The property is an office tower in Midtown Manhattan’s Plaza District.
The Newmark team was led by co-heads of the debt & structured finance team Dustin Stolly and Jordan Roeschlaub with senior managing director Daniel Fromm. Eden Abraham and Michael Dorfman provided additional support on the transaction.
ACRES Capital provided the loan to finance the acquisition and fund the comprehensive renovation plan, which will position Park 53 as a highly amenitized boutique Park Avenue office building. The JV hired Newmark’s Brian Waterman and Scott Klau to handle leasing.
Newmark arranged the JV for the project, with $120 million of the capitalization coming from the loan and $55 million coming from equity.
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).