Wells Fargo Takes $382.4M Mortgage on 120 Park Avenue
The new loan is 4.4% below the $400M HSBC mortgage of 2019, and HSBC's debt was assigned to Wells Fargo before consolidation.
Wells Fargo now holds a $382.4 million mortgage on 120 Park Avenue, the Midtown office tower across from Grand Central, per two ACRIS documents dated Aug. 28 and recorded Sept. 23 that cover block 1276, lot 33. The borrower is 120 Park Avenue Associates LLC.
Why it matters
The new mortgage is smaller than the debt it replaces. The 2019 HSBC loan was recorded at $400 million, so the record shows the owner coming down $17.6 million, or 4.4%, instead of pulling cash out. A tower this size refinancing at a lower face amount, in a Midtown office market lenders have been wary of, is the stake: a lender is putting $382.4 million behind the building.
The Real Deal reported on Sept. 3 that Eyal Ofer’s Global Holdings arranged the refinancing with Wells Fargo and the German bank LBBW for the 26-story, 620,000-square-foot tower, and that it retires a $335 million HSBC loan. ACRIS names only the LLC, so the Global Holdings link rests on that report and not on the deed record. The LLC’s address on the 2019 and 2026 filings is 1250 Broadway, and earlier filings list it care of Eastgate Realty at 410 Park Avenue.
The numbers
The consolidation and the amended and restated mortgage both carry $382,400,000, which is about $617 per square foot on the 620,000 square feet in the press report. The HSBC assignment to Wells Fargo carries the same Aug. 28 date, so the old lender’s debt moved to the new one before it was restated.
The prior loan is the 2019 HSBC consolidation at $400,000,000, which followed a $400,000,000 HSBC consolidation in 2014. The owner bought the building in a 2008 deed for $525,814,732, so the new mortgage equals 72.7% of that price. ACRIS does not show how much of the face amount has been drawn, so the $335 million balance comes from The Real Deal and the record cannot confirm it. If that balance is right, the new face amount sits about $47 million above it, but the record does not say whether that gap is cash out, reserves or future funding.
What’s next
Watch for lender-side assignments or participations, since the press report names LBBW and ACRIS so far shows only Wells Fargo. For other Midtown filings read against the record, see the New York market page.
On the record
What we checked ourselves, and where you can check it too.
- Public recordACRIS documents 2026091700694002 (M&CON) and 2026091700694003 (AL&R) record a $382,400,000 mortgage from 120 Park Avenue Associates LLC to Wells Fargo Bank, National Association, on block 1276, lot 33 (120 Park Avenue). Both are dated Aug. 28, 2026 and were recorded Sept. 23, 2026.View the record on a836-acris.nyc.gov
- Our dataThe prior mortgage of record is the $400,000,000 HSBC Bank USA consolidation 2019082000683004, dated Aug. 16, 2019 and recorded Aug. 20, 2019, which itself followed a $400,000,000 HSBC consolidation from March 2014 (2014032800133004). The new loan is $17,600,000, or 4.4%, smaller than the 2019 face amount, and it is 72.7% of the $525,814,732 the owner paid in the Mar. 2008 deed (2008032700916001).View the record on a836-acris.nyc.gov
- Our dataOn the same Aug. 28 date, ACRIS recorded an assignment (2026091700694001) of the HSBC Bank USA mortgage to Wells Fargo, followed by the consolidation and a $0 temporary-lien release (2026091700694005). The sequence shows Wells Fargo taking over the existing HSBC debt on paper and then restating it at $382.4M, rather than a fresh second loan stacked on top.View the record on a836-acris.nyc.gov
On the record
- Primary recordNYC ACRIS, mortgage consolidation 2026091700694002M&CON, 120 Park Avenue Associates LLC and Wells Fargo Bank, N.A., amount $382,400,000, dated Aug. 28, 2026, recorded Sept. 23, 2026
- Primary recordNYC ACRIS, amended and restated mortgage 2026091700694003AL&R, same parties, amount $382,400,000, block 1276 lot 33
- Primary recordNYC ACRIS, assignment 2026091700694001Assignment from HSBC Bank USA, N.A. to Wells Fargo Bank, N.A., dated Aug. 28, 2026, recorded Sept. 23, 2026
- Primary recordNYC ACRIS, 2019 consolidation 2019082000683004M&CON, 120 Park Avenue Associates LLC and HSBC Bank USA, amount $400,000,000, dated Aug. 16, 2019
- Primary recordNYC ACRIS, 2008 deed 2008032700916001Deed to 120 Park Avenue Associates LLC, amount $525,814,732, dated Mar. 25, 2008
- Also reported by
- The Real Deal, Sept. 3, 2026Eyal Ofer's Global Holdings Refinances 120 Park Avenue