NEW YORK — JLL’s Capital Markets group announced it has secured the $395 million refinancing of 70 Pine Street, a 66-story, mixed-use property with luxury multi-housing rental, retail and hotel space located in a landmarked building in the Financial District of New York City. The building was formerly headquarters of AIG.
JLL worked on behalf of the borrowers, DTH Capital and Rose Associates, to secure financing through Goldman Sachs.
The renowned landmark property was built in 1932 originally for office use, and at the time, was the third tallest building in the world. Renovated in 2016, the property is now a state-of-the-art adaptive reuse building with 612, 100% free-market, luxury rental residences featuring hardwood floors, high-end kitchens with stone countertops and stainless-steel appliances and in-unit washers and dryers. In addition, residential amenities at 70 Pine include a 22,000-square-foot fitness center with an array of fitness equipment, two golf simulators, two bowling alleys and a screening room in the property’s historic bank vault. The property also includes a children’s playroom, co-working and lounge spaces.
The 165-key Mint House hotel occupies floors two through six of the property and offers spacious studio-, one- and two-bedroom apartments. With the intention to attract guests seeking longer term stays, the rooms feature fully equipped kitchens, en suite laundry in select rooms, custom-designed furniture, free wi-fi, spacious living areas and smart TVs. Most recently, Mint House at 70 Pine has ranked one of the top hotels in New York City on Trip Advisor.
The property features two world-renowned restaurants including, SAGA (two Michelin-starred) and Crown Shy (Michelin-starred), and Overstory, a World’s 50 Best-rated contemporary cocktail bar. There is also a gourmet market that focuses on fresh and regionally produced goods. Other retail offerings include a beauty salon, coffee shop, and a quick-service restaurant.
Marc Ehrlich, Chief Investment Officer at Rose Associates, said, “Rose Associates and DTH Capital thank JLL, Goldman Sachs and the individual team members who assisted in this refinancing. While the current credit market has its challenges, 70 Pine drew significant interest. This property has outperformed as an asset since leasing began in 2016, and it is a shining example of a successful office to residential conversion.”
70 Pine is located in the heart of the Financial District and is walking distance to eight subway lines, providing seamless access to all major employment centers throughout Manhattan, Brooklyn and New Jersey. Residents are able to commute to Midtown Manhattan in under 15 minutes with express train service to Grand Central and Penn Station. 70 Pine is situated five blocks from the Wall Street water ferry, which provides access to Dumbo, Williamsburg, Long Island City, East 34th Street and several other stops along the Brooklyn, Queens and Manhattan waterfront.
