New York Life Real Estate Investors originates $80 million mortgage loan secured by 845 Third Avenue New York, New York.
New York, December 20, 2019—New York Life Real Estate Investors announced today the financing of 845 Third Avenue, a 370,000 square foot office building located in the Plaza District of Midtown Manhattan. The fixed-rate loan has a 10-year term.
Built in 1963 by the Rudin Family, 845 Third Avenue occupies the entire easterly blockfront of Third Avenue between 51st and 52nd Streets. The property is Wired Certified Platinum, and is home to a prestigious roster of tenants, including K2 Intelligence, the Conference Board and Humana at Home.
“We are pleased to finance this asset and further expand our long-standing relationship with the Rudin family in New York City,” said David Li, Senior Director in New York Life Estate Investors’ Northeast Regional Office.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $55.7 billion in assets under management as of September 30, 2019*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $55.7B is gross and includes AUA ($1.4B) as of 9/30/19. Net AUM for Real Estate Investors is $54.3B as of 9/30/19.
About New York Life
With $581 billion in Assets Under Management* as of September 30, 2019, New York Life Investments is comprised of the affiliated global asset management businesses of our parent company, New York Life Insurance Company (New York Life). We offer clients access to specialized, independent investment teams through our family of affiliated boutiques. We remain committed to our clients through a combination of the diverse perspectives of our boutiques and a long-lasting focus on sustainable relationships.
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States** and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies***.
*AUM includes assets of Investment Advisors affiliated with New York Life Insurance Company as of September 30, 2019. AUM for Candriam and Ausbil is reported at the spot rate.
**Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/16/19. For methodology, please see http://fortune.com/fortune500/.
***Individual independent rating agency commentary as of 7/30/2018: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+) The financial strength of New York Life Insurance Company applies only to its insurance products and not to investment products which are subject to market risk and fluctuation in value.
“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.
New York Life Insurance Company