Sentry Realty, 60 Guilders Move Midtown Office Market Again
Partners Sentry Realty and 60 Guilders are back to their buying ways, purchasing a Manhattan office building from the estate of L.H. Charney.
Kevin Chisholm’s 60 Guilders and Alen Mamrout’s Sentry Realty — both affiliates of American Exchange — bought 1441 Broadway for roughly $240 million, the Commercial Observer reported. That breaks down to $436 per square foot for the 550,000-square-foot office property in Midtown.
The 33-story property is roughly 90 percent leased, filled with below-market leases. That will give the buyers an opportunity to increase rents alongside capital improvements.
Tenants include clothing rental service Style Theory, advertising agency Pekoe Group, medtech company Mint Medical and factory services firm KDI. In March, NYC Alliance signed an 11-year, 50,000-square-foot deal to relocate its headquarters.
In September 2021, L.H. Charney refinanced the building with a $241 million loan from Deutsche Bank, which included a $56 million gap loan. Five years prior, MetLife provided a $185 million loan at the building.
Leon Charney died in March 2016 at the age of 77. At the time, he controlled more than 1.5 million square feet of commercial space in Manhattan.
Newmark’s Adam Spies and Adam Doneger arranged the sale and Newmark’s Jordan Roeschlaub, Nick Scribani and Ricky Braha helped secure a 70 percent loan-to-cost floating-rate acquisition loan from Fortress Investment Group.
Sentry and 60 Guilders often work in tandem on office deals. Last year, they purchased 1370 Broadway in Midtown South for $75.5 million from Invesco Real Estate. Fortress also provided an acquisition loan of around 65 percent loan-to-cost on that deal.
Two months earlier, they bought a 26-story Art Deco office building at 292 Madison Avenue for about $90 million.
This year, Bain Capital provided 60 Guilders and Sentry Realty with a $213 million loan backed by 1375 Broadway, a Midtown office building purchased from Savanna and secured by acquiring a $200 million debt behind the property in August 2024 from Aareal Capital.
Read more
L.H. Charney refis 1441 Broadway with $185M MetLife loan
Sentry Realty, 60 Guilders buy another office together
American Exchange Group affiliates refinance 1375 Broadway
