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Cove lands Refi at 441 Ninth Avenue

Rendering of 441 Ninth Avenue (Credit: Cove Property Group)

Cove Property Group and Baupost Group have secured a $724.2 million loan from Blackstone Mortgage Trust to refinance 441 Ninth Avenue. The Hudson Yards office development is located between West 34th and West 35th Streets, and is 65 percent leased, according to CO

  • Financing details: The new mortgage appears to replace a $479 million construction loan provided by Apollo Commercial Real Estate Finance, in addition to the $220 million acquisition loan from Deutsche Bank.
  • Tenants include… Peloton occupies 336,000 square feet ($106 per SF), Lyft signed a lease for 100,638 square feet ($87 per SF), and Brevet Capital Management took 16,000 square feet ($116 per SF). The remaining 213,000 square feet of office space remains vacant.
  • Flashback: The sellers paid $330 million for the property in 2017. The duo subsequently redeveloped the 423,000 square-foot property by adding 17 additional floors, which increased the size to 700,000 square feet.
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