TF Cornerstone Secures $325M Refinancing for Carnegie Hall Tower in Manhattan

by Nellie Day

NEW YORK CITY — TF Cornerstone has secured a $325 million refinancing for Carnegie Hall Tower, a 555,000-square-foot, trophy office property on Manhattan’s “Billionaire’s Row.” The 60-story building is located at 152 W. 57th Street.

Carnegie Hall Tower opened in 1991 and was designed by Cesar Pelli. The building features a vaulted entrance and a through-block grand lobby adorned with Italian marble, brass and hardwood accents similar to its landmark neighbor, Carnegie Music Hall. Many floors offer 360-degree views of New York City, including Central Park, the skyline, the Hudson and East rivers and the Atlantic Ocean.

“Delivered in 1991 during an economic recession, the property took time to lease up and stabilize,” says Jeremy Shell, executive vice president of TF Cornerstone. “The market was soft but the principals of our firm were persistent in waiting out the vacancies of the early 1990s. [Cornerstone] went to great lengths to keep the property solvent and to ultimately realize their vision for Carnegie Hall Tower.”

Some of the tower’s current notable tenants include TR Winston & Company, Metacapital, Kingdon Capital, 13D Management, Grubman Indursky Shire & Meiselas law firm and Greystone & Company.

Singer & Bassuk Organization (SBO) arranged the financing through Metropolitan Life Insurance Co. This is the fifth time SBO has arranged financing for Carnegie Hall Tower since it commenced construction in 1988.

Shell, son-in-law of TF Cornerstone Chairman and co-founder K. Thomas Elghanayan, was directly involved in the tower’s refinancing. New York-based TF Cornerstone is a family-owned and -operated real estate company focused on the acquisition, development, construction and management of residential, commercial and retail properties in New York and Washington, D.C.

— Nellie Day

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