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425 Park Ave Nabs $556M Construction Loan


The office tower being developed by L&L Holding Co and GreenOak Real Estate at 425 Park Ave is getting a $556M construction loan, arranged by HFF and secured through Cornerstone Real Estate Advisors. Tokyu Land Corp will be a co-developer and co-equity partner on the project. It’ll be the first full-block office development built on Park Avenue in almost 50 years, Real Estate Weekly reports. The building will reportedly ask for rents as high as $250/SF, which would be a record for a Manhattan office building. [REW]