JLL Capital Markets arranges $42M financing for Kaufman’s Midtown Manhattan office building

NEW YORK, April 13, 2026 – JLL Capital Markets announced today that it has arranged a $42 million loan for The Nelson Tower Building, a 46-story, 510,304-square-foot office property located at 450 Seventh Avenue in Midtown Manhattan.

JLL Capital Markets’ Debt Advisory team, led by Senior Managing Director Aaron Niedermayer, represented The Kaufman Organization in securing the financing through Apple Bank.

The building has been under present ownership, a Kaufman family partnership, since 1946.

Steve Kaufman of The Kaufman Organization said, “450 Seventh Avenue has been a cornerstone of our portfolio for decades, and this financing reflects both the strength of the asset and the continued evolution of the Penn District. With its unmatched transit accessibility, diverse tenant base and recent capital improvements, we believe the property is well-positioned to benefit from the neighborhood’s ongoing transformation.”

Situated at the corner of Seventh Avenue and West 34th Street directly across from Penn Station, The Nelson Tower Building sits at the heart of the Penn District, which includes the recently constructed Moynihan Train Hall and the future $7 billion Penn Station redevelopment project set to begin in 2027.

“The Nelson Tower Building is a highly accessible, well-performing Midtown asset with durable tenancy and generational sponsorship,” said Niedermayer. “Apple Bank was quick to recognize the strength of the location, low leverage and long-term upside driven by continued leasing and the ongoing transformation of the Penn District.”

Originally built in 1930 and most recently renovated in 2019, the building features an upgraded lobby, modernized elevators, a tenant amenity suite that features conference facilities and a rooftop lounge and terrace with panoramic views of Manhattan.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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