Arbor has originated billions of dollars in commercial real estate financing for more than two decades. Because of its long track record of work, Arbor’s commercial real estate financing business has quite naturally been steeped in history through the funding of several iconic New York buildings. Let me take you on a tour of three great landmarks where Arbor has been fortunate to have played a key financial role.
5 Madison Ave. (Metlife Clock Tower)
Located at the southeast corner of Madison Square Park, the landmarked Metlife Clock Tower has served as jewel of the Manhattan skyline for over a century. Constructed in the early 1900s, the building housed the global headquarters for Metlife until the 2000s. Upon erection, the 41-story clock tower stood as the tallest building for three years until the Woolworth Building took the title.
The gilded cupola at the uppermost top of the building serves as an “eternal light,” which is perpetually illuminated even after the rest of the lighting system has been turned off. The building has been a fixture in Metropolitan Life Insurance Company’s advertising over the years. Print ads featured an illustration of the early skyscraper with an illuminated spire and the slogan “The Light That Never Fails.”
The clock tower has been registered as a national landmark since 1972 and has gone through many iterations since its development. Most recently, the Marriott has announced plans to convert the building into a high-end New York Edition Hotel offering spacious event space, a fitness center and opulent hotel rooms.
23 Wall St. (The Corner)
Often referred to as “The Corner,” 23 Wall St. is located on the southeast corner of Wall and Broad streets, deep in the trenches of the Financial District of New York. A registered landmark, the building was a known headquarters of the “House of Morgan” (J.P. Morgan & Co.). The building’s classic interior architecture of deep woods and impressive chandeliers is demonstrative of the financial district’s monumental tie to New York’s history. While the four-story property is often dwarfed by nearby skyscrapers, its fabrication of limestone and limited windows make it a stand-out for lovers of classical architecture.
63 W. 38th St. (The Refinery Hotel)
Located at 63 W. 38th St., the 1912-built neo-Gothic tower offers a true New York experience. Home of The Refinery, a boutique hotel, the tower allows patrons to dip into the past with all the amenities of the modern. Located in the Fashion District, the 12-story Refinery offers travelers 197 guest rooms immersed in modernity, with a glimpse into the industrial past of the property. The hotel’s rooftop has been extolled for its gastropub food and spirits. Not surprisingly, the hotel has been nominated for the Conde Nast Readers’ Choice Awards. It continues to be a popular choice for accommodations in city.
5 Times Square (Ernst & Young Tower)
Ernst & Young Tower — photo by Zimbio
Also called the Ernst & Young Tower, this New York skyscraper sits at the heart of Midtown. The building is currently used as commercial and retail space. Made of steel and exhibiting the true modernism of its time, the tower is full of sharp angles, diagonals and a sloping roof, which gives the viewer an illusion that it is made up of multiple structures. High investor demand has been exhibited in the Midtown Manhattan area, as office values were up 14% from 2013 to 2014, based on figures from Green Street Advisors Inc.
The tower boasts 1.1 million square feet of office space and sold for $1.5 billion last June — the biggest transaction since 2010. The building has been a designated New York City landmark since 1987.
230 Park Ave. (The Helmsley Building)
The Helmsley Building (re-named after Leona Helmsley) stands at 230 Park Avenue in Midtown New York. The 35-story edifice, built in 1929, was designed by the same architects of New York’s Grand Central Station. The building itself is actually located by Grand Central Terminal between East 45th and East 46th Streets. Fabricated in the neoclassical style called Beaux-Art, the beautiful opulent color of the tower’s cupola cuts a striking green color across the New York skyline. The building contains 2,300,000 square feet of staggering space and sold earlier this year for $1.2 billion.
20 Pine (The Collection)
Once used as the headquarters for Morgan Guaranty Trust Company, the 35-story building, erected in 1928, was designed by Chicago architecture firm Graham, Anderson, Probst & White, who also designed the Wrigley Building and Union Station in Chicago.
In 2007 there was a redesign of the structure from finance space to high-class condo space by designers Armani/Casa. Starting in the $1.2-million range, 20 Pine now functions as a condo under the moniker the Collection. The building offers high-class amenities to its clients, including views of the city.
About Arbor
Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender by volume and the Top Fannie Mae Small Loan lender, a Freddie Mac Program Plus® Seller/Servicer and Small Balance Loan Lender, a Fannie Mae and Freddie Mac Seniors Housing Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS, Bridge,Mezzanine and Preferred Equity lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of more than $12 billion, Arbor is a primary commercial loan servicer and special servicer rated by Standard & Poor’s with an Above Average rating. Arbor is also on the Standard & Poor’s Select Servicer List and is a primary commercial loan servicer and loan level special servicer rated by Fitch Ratings.
For more information about Arbor, visit www.arbor.com.
