An affiliate of the United Federation of Teachers Local 2, American Federation of Teachers, AFL-CIO has signed for a $62 million loan secured by 50 Broadway in New York City. Cushman & Wakefield arranged the 10-year, fixed-rate financing through an affiliate of Citigroup Global Markets Inc. The asset is a 37-story, 352,000 sqf office/retail building located in Lower Manhattan, between Exchange Place and Bowling Green. The UFT purchased the property in 2002 and, at the same time, net leased the adjacent 400,000 sqf building to the north, 52 Broadway. The UFT, which represents nearly 200,000 current and former employees of New York City public schools, maintains its headquarters within the two buildings. Cushman & Wakefield has been the leasing and managing agent for the UFT at 50 and 52 Broadway since 2002. The building is 94 percent leased and is currently undergoing upgrades to its lobby.
