Newmark Facilitates $175m JV capitalization of premier boutique Plaza District office building

Newmark has arranged $175 million in capitalization to facilitate the acquisition and renovation of Park 53, a premier office building located at 45 East 53rd St. in the Plaza District of Midtown Manhattan, by a joint venture formed between ZG Capital Partners and Rialto Capital Management.

Initially developed in 1991 as the NYC headquarters for Santander Bank, Park 53 represents a 20-story, 129,000-square-foot boutique office tower featuring a striking glass-and-steel facade and location on the corner of 53rd Street and Park Avenue, just a short walk from Grand Central. The property’s positioning behind the one-story landmarked Lever House provides all floors with exceptional natural light and views of Park Avenue without the risk of obstruction from future development. Park 53 will offer tenants reimagined workspaces, a full suite of amenities and unparalleled access to the city along Park Avenue.

The full-scale interior renovation and modernization of the asset an