Assignment

Trimont was engaged on multiple assignments by a large U.S. investment bank and a U.S. bank lender to provide asset management and servicing on a $30 million mezzanine loan. The mezzanine loan related to the fee interest and related air rights in Grand Central Terminal and another New York City ground lease.

Asset

Grand Central Terminal, or Grand Central Station as it is more commonly known, is a commuter rail terminal station at 42nd Street and Park Avenue in Midtown Manhattan. Built by and named for the New York Central Railroad in the heyday of American long-distance passenger rail travel, it is the largest train station in the world (measured by number of platforms - 44). Grand Central Station has been described as the world’s loveliest station. According to Travel + Leisure magazine, it is considered to be the world’s sixth most visited tourist attraction (bringing in approximately 21.6 million visitors annually). The current building was built in stages between 1903 and 1913 and was designed in the Beaux-Arts style. The bi-level, below-ground design was a novel scheme at the time of its construction and Grand Central Station was declared a National Historic Landmark in 1976. In 2013, the building celebrated its 100th birthday.

Insights

  • The decorated astronomical ceiling, which was originally conceived in 1912, has two peculiarities: the sky is backwards and the stars are slightly displaced. This is said to be because the ceiling is based on a medieval manuscript that visualized the sky as it would look to God from outside the celestial sphere.
  • There is a secret platform (#61) under the station. It was once used to transport President Franklin D. Roosevelt directly into the Waldorf-Astoria Hotel.
  • The four-faced clock that sits over the information booth is made of semi-precious opal stone and is estimated to have a value of $20 million. It is set by the atomic clock in the Naval Observatory in Maryland and is accurate to within 1 second every 20 billion years.
  • The Grand Central Station Whispering Gallery is a favorite locale for marriage proposals. It is also frequented by couples on Valentine’s Day.