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101 Park Avenue's $365M Loan Hits CMBS Market in SASB Deal
By Cathy Cunningham August 21, 2018 5:30 pm
101 Park Avenue. Photo: CoStar Group
The $365 million loan on H.J. Kalikow & Co.'s 101 Park Avenue is being securitized in the BAMLL 2018-PARK single-asset, single-borrower deal, according to rating agency reports released on Tuesday.
The fixed-rate, interest-only 10-year Bank of America loan is secured by the borrower's fee simple interest in the 1.3-million-square-foot, 48-story, Class-A office building, located between 40th and 41st Streets in Midtown, just south of Grand Central Terminal. The bond carries an AAA rating from Fitch Ratings.
Proceeds of the loan are being used to refinance $309 million in existing debt—also provided by Bank of America and securitized in the BAMLL 2012 PARK CMBS deal, fund $6.3 million in upfront reserves and return roughly $45.8 million of sponsor equity, Fitch's presale report shows. "Based on the as-is appraised value of $1.5 billion, the borrower has approximately $1.1 billion of implied equity remaining in the property," Fitch analysts wrote.
The previous CMBS loan wasn't set to mature until 2022 but H.J. Kalikow decided to refinance early in order to avail itself of advantageous rates, Richard Nasti, an executive vice president at the firm, told CO.
The new $365 million mortgage has a underwritten net cash flow debt service coverage ratio of 3.51x, a loan-to-value of 24 percent and debt of $284 per square foot.
Peter Kalikow has owned the land beneath 101 Park Avenue since 1978 and constructed the building in 1982. Today, the property comprises 1.2 million square feet of office space, 43,590 square feet of retail space, 23,399 square feet of storage space and a 37,399-square-foot parking garage.
As of May, the property was 89.7 percent leased to 30 tenants. Sixty-one percent of its tenants have leased space at the building since its opening, including the three largest tenants—law firms Morgan Lewis & Bockius, Kelley Drye & Warren and Curtis, Mallet-Prevost, Colt & Mosle.
As previously reported by Commercial Observer, the American Kennel Club (AKC) is relocating its corporate headquarters to the building from St. Louis, Mo., leasing 60,000 square feet of space and housing its two-story Museum of the Dog there. AKC's lease started in June but it has six months of free rent, which coincides with the timeline of the tenant's buildout, according to the Fitch report. When completed, passers by on 40th Street will experience images of various dog breeds projected onto the street.
Keywords: 101 park avenue, American Kennel Club, BAMLL 2018-PARK, Bank of America, H.J. Kalikow & Co.


Around the world with no luggage — has this kind of thing ever been done before?
I suspect that it has been: At some point in history, no doubt, some anonymous sailor or vagabond made his way around the world with nothing but the clothes on his back. In fact, I'm sure that shorter no-luggage journeys have been common over the years — from the hunters of pre-history, to the religious pilgrims of the Middle Ages, to the political refugees of today.
The richest aristocrats would ship their private wagons across the Adriatic, then travel through Greece in a slow, sumptuous convoy that included a retinue of chefs, secretaries, and slaves, who would race ahead of their masters in order to set up silk-curtained tents as dining halls and bedrooms en route. These lucky Romans were able to re-create all the luxuries of their villas in the middle of the Greek countryside, even laying out marble floor mosaics beneath their feet. They would dine on plates of beaten gold, drink their vintage wine from crystal goblets, and be surrounded by their favorite works of art, which had to be packed and unpacked every day. Some nobles invested in carrucae dormitoriae — sleeping carriages strewn with goose-down pillows — thus eliminating the need for overnight stops. Others had their coaches equipped with dice tables, or revolving seats in the rear to better appreciate the views en route.
At that point in history, traveling without luggage (a lower-class fate, no doubt) was probably so common as to escape mention. This probably began to change by the time of the early 19th century, when the Industrial Revolution created a middle-class travel demographic that tended to ape the overblown packing habits of its upper class forbears. By the middle of the 20th century, travel writer Temple Fielding — who was actually advising people on how to travel in Europe — bragged to the New Yorker that he carried thirty-five Swiss linen handkerchiefs, three pairs of silk pajamas, two toilet kits, and a Philips three-speed record-player (among other items) on his guidebook research trips. If anyone of that era was making journeys in Europe (or beyond) with no luggage at all, the New Yorker wasn't writing about them.
On a much saner, less obsessive level, the most impressive 21st-century no-baggage wanderer I've found thus far is Jonathan Yevin, whom I've profiled elsewhere on this site. Jonathan's 2006 Budget Travel article about his Latin American no-luggage travel experience inspired fellow American Devin Skalski to travel baggage-free in Asia. Elsewhere, Anders Ansar of Sweden has taken several no-luggage trips using a custom-designed vest, and he has written a detailed summary of his experiment on his website.
If anyone is aware of other no-luggage travelers out there (or specific historical examples of past no-luggage journeys), please let me know about them!
I was in Liverpool in June and saw those luggage monuments… Great idea…. Every year we travel to the UK from the USA and have gone from a suitcase each (there are 7 of us in my family), to now we just take carry-on bags, one each. We have taken the approach of taking enough clothes for about 5-7 days, and we will do laundry and buy toiletries, and other essentials. It makes getting through checkin a lot quicker, but we do get some looks when we get through baggage claim and only have carryon bags. I do use ScotteVest for a jacket and their TEC Shirt. So my electronic stuff are with me all the time, except when I remove them for security of course. I need to get one of their Travel Vests though, as sometimes the Fleese and Shirt get too hot during travel.
Great concept, and I wish you luck.
Good luck on the trip, guys.
No baggage usually means lost baggage. On a trip, lose luggage and all belongings except what is in your pockets is very similar to starting the trip that way. The good part is nothing was stolen or lost, just lying in your closet, drawers, etc. Great way to start a journey. Loving it.
Just discovered your great site. I would recommend any book by John Muir a co-founder of the Sierra Club, ( see http://en.wikipedia.org/wiki/John_Muir ). In 1867 Muir walked 1000 miles from Indiana across Kentucky, Tennessee, North Carolina, Georgia and Florida to the Gulf Coast, with virtually the clothes on his back.
Cool information shared..I am thrilled to check this out site..appreciate for giving us nice info.Fantastic walk-through. I appreciate this blog.
Anyone see this article on baggageless travel?