Mixed Use - Debt

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. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.