48 Wall Street
Property Sq Ft: 324,000
Purchase Date: February 1998
Purchase Price: $37.5MM
Sale Date: N/A
Sale Price: $113.4MM*
Financing
Equity: $4.2MM
First Mortgage: $32MM
Mezzanine Financing: $1.3MM
In February 1998, Mermel & McLain Management acquired 48 Wall Street and formed an equity partnership with another New York real estate investment firm and a foreign real estate investment bank. Mermel & McLain created and structured this purchase directly with the seller, The Bank of New York, without broker involvement. The property was purchased for $37.5M, consisting of $4.2M in equity, $32M in a first mortgage with Credit Suisse and $1.3M in mezzanine financing. Mermel & McLain was a co-managing member of 48 Wall Street LLC, the entity that owns the property.
48 Wall Street was built in 1928, and possesses 34 floors and 324,000 sq ft of office space. When purchased, the building was 303,000 sq ft in size and was occupied by The Bank of New York, which had occupied the site for its headquarters since its founding in 1794. Since three real estate firms invested in the asset, a third-party was retained to serve as leasing and managing agent. Since closing the transaction, the building has been completely gut renovated and leased to new tenants. Major tenants include D.F. King & Company, GMAC, Conway Farrell Curtin & Kelly PC, and the Rockefeller Business Center.