Mixed Use
Debt & Equity

NorthMarq arranges $42 million permanent loan for mixed-use property in Manhattan

NEW YORK, NEW YORK (February 5, 2020) – Charles Cotsalas, senior vice president/managing director of NorthMarq’s Long Island office collaborated with Robert Delitsky, senior vice president/managing director of NorthMarq’s New York City office to arrange a $42 million permanent financing for The Agora Building. Nationwide Life Insurance Company, one of NorthMarq’s correspondent life insurance companies, financed the transaction.

The property is a 6-story / ± 70,000 sq. ft. mixed-use (office and retail) building located at 1556 Third Avenue in the Upper East Side neighborhood of New York City. 

The Agora Building has been owned by the borrower, Muss Development, for more than 15-years and is leased to a variety of professional tenants that serve the Upper East neighborhood, many of which are associated with medical, dental, mental health and rehabilitation services. 

Muss Development is one of the largest real estate development companies in New York City. The company is widely regarded as a major force in the development history of the Greater New York City metropolitan area. 

“Ownership has done a great job positioning the Agora building to meet tenant demand in the market. This is one of the few buildings that allows local commercial tenants to service their customer base,” said Delitsky. 

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

b798ef8e-a258-43ee-afa2-bfa801aa2d2c.jpg
The Agora Building
Permanent Loan - Fixed
$42,000,000