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Developer Sheldon Solow is seeking a $400 million loan on the 1.5 million-- square-foot building at 9 West 57th Street, which is considered one of the finest office properties in Manhattan.
The transaction would enable the developer's firm, Solow Building, to take $300 million of cash out of the property, which is currently encumbered by a mortgage of only about $100 million from an insurance company. With a market value of $700 million or more, the building can easily sustain a good deal more debt.
The 50-story property is a cash cow for Solow, who developed it in 1972 and has owned it ever since. It is estimated that the building throws off $90 million of net operating income a year.
Solow began informally talking...