Construction Finance

Wells Fargo, Citibank Loan $250M for Construction at Essex Crossing

A rendering of Essex Crossing.

Delancey Street Associates, the joint venture developing Essex Crossing, is about to get one of its biggest construction deliveries: a truck full of cash.

L+M Development Partners, BFC Partners and Taconic Investment Partners received more than $250 million in construction financing on Tuesday for their 1.9-million-square-foot mixed-use project on the Lower East Side, Commercial Observer has learned. Read More


Scott Silverstein Hired by Equity Office

Scott Silverstein_mm

Scott Silverstein, who spent most of the last decade at Cushman & Wakefield, has been hired by Equity Office as a Leasing Manager focused on New York City assets, including Park Avenue Tower, 114 West 41st Street, 5 Bryant Park, 229 West 43rd Street, 1740 Broadway, and 1140 Avenue of the Americas.

“It felt like the perfect fit for me,” said the 31-year old West Village resident, citing a top owner, a great existing portfolio, top talent, the ability to learn and grow, and his great synergy with Zachary Freeman, vice president of leasing. Read More


Parking Garage Owner Regains Properties in Lawsuit

9 West 57th Street.

A state judge ruled in favor for the owner of several Manhattan parking garages, Commercial Observer has learned, and granted full possession of the lots back to the owner.

Bridgewater Operating Corporation had been sued by Quik Park, a garage maintenance company, for ending its contract with the company, according to court documents. Quik Park, according to the decision, had agreed to keep separate accounts for the four Bridgewater garages it was hired to operate. Instead, the company pooled all the money into one account and used it for personal expenses, according to documents. Read More

Real estate and Technology

EDC Announces $5.3M on Broadband for Brooklyn, LIC ‘Digital Deserts’

Industry City.

ConnectIBZ was the fund used to launch New York City’s first 1GB broadband network, in Sunset Park Brooklyn, as the Commercial Observer previously reported. Today, the New York City Economic Development Corporation announced that $5.3 million will be spent to put high-speed broadband into the Southwest Brooklyn, Long Island City, North Brooklyn and Greenpoint-Williamsburg Read More


NYCB Lends $53M for New Jersey Apartment Complex

Greenbrook Gardens (Photo: Google Maps).

New York Community Bank provided a $52.8 million acquisition loan for a multifamily complex in northern New Jersey, Commercial Observer can exclusively report.

Meridian Capital Group arranged the loan on behalf of Hackensack, N.J.-based SDK Apartments for its purchase of Greenbrook Gardens in North Plainfield, according to the brokerage.  Read More

Lease Beat

Law Firm Relocating to 250 West 55th Street with 30k Square Feet

250 West 55th Street.

It looks like yet another law firm is headed for 250 West 55th Street.

Watson Farley & Williams has inked a deal for 30,400 square feet for a floor-and-a half at the 38-story building, according to CBRE. The firm is relocated from 1133 Avenue of the Americas and expanding its size in the 15-year lease. Lawyers, paralegals and staffers will occupy part of the 30th floor and the whole 31st floor in the deal. Read More


NYU Gets Greenlight on Campus Expansion

NYU rendering

New York University can officially add on to its course load.

The New York State Court of Appeals ruled today that the school can go ahead with its 2-million-square-foot expansion in Greenwich Village. Neighborhood residents and park advocates were up in arms by the expansion, approved by the City Council in 2012, because it encroached on parkland, according to The Wall Street Journal. Read More

Lease Beat

Law Firm Relocates South Along Madison Avenue [Updated]

477 Madison Avenue.

Rivkin Radler, a Long Island-based law firm, has relocated its Manhattan office to the whole 20th floor of 477 Madison Avenue between East 51st and East 52nd Streets, Commercial Observer has learned.

The firm was looking to move into a larger space from its current office at 555 Madison Avenue between East 55th and East 56th Streets, according to a press release from Avison Young. While the brokerage declined to provide terms of the lease, Rivkin Radler is taking nearly 8,200 square feet in an eight-year deal, according to CoStar. Read More

Sales Beat

Mitchell Holdings Buys Herald Square Hotel for $38.5M

Herald Square Hotel.

Abraham Puchal has sold his Herald Square Hotel at 19 West 31st Street between Fifth Avenue and Broadway to David Mitchell‘s Mitchell Holdings for $38.5 million, sources said.

Bob Skinner from Charles Rutenberg represented the seller in last Friday’s off-market deal and StarBridge Commercial’s Peter Kim represented Mitchell Holdings. Between 1894 to 1936, the building was home to Life magazine. Read More

Lease Beat

Engineering Consultant Expanding to Over 16K SF in NoMad

105 Madison Avenue (Photo: CoStar).

Bard, Rao + Athanas Consulting Engineers is growing its footprint to 16,600 square feet from 13,350 square feet at A&R Real Estate‘s 105 Madison Avenue at East 30th Street, Commercial Observer has learned.

BR+A renewed its existing lease on the entire 10th floor of 105 Madison Avenue and expanded into a portion of the ninth floor, according to Newmark Grubb Knight Frank, which represented both sides in the 10-year deal. The asking rent was $62 per square foot. Read More


Multimillion-Dollar SI Mall Expansion Plans Head to City Planning Commission for Vote

Rendering of the street view of the Staten Island Mall expansion.

Plans to enlarge the 42-year-old Staten Island Mall by over 400,000 square feet will go before the City Planning Commission tomorrow for a vote.

General Growth Properties is seeking a zoning resolution to allow “a group parking facility which is accessory to an existing commercial development and proposed enlargement in connection with a proposed approximately 418,071-square-foot enlargement of an existing retail development located at 2655 Richmond Avenue,” according to tomorrow’s public calendar. Read More

Lease Beat

Serafina Opening Eatery in Tribeca

113 Reade Street (Photo: CoStar).

Serafina Restaurant Group is opening a restaurant in Tribeca with plans to provide room service to hotel guests staying at the adjacent Cosmopolitan Hotel-Tribeca, Commercial Observer has learned.

The restaurant group, which specializes in Northern Italian cuisine, has signed a lease for the entire 5,400-square-foot building at 113 Reade Street between Reade and Chambers Streets, including the rooftop. The building offers 1,800 square feet each on the ground floor, second floor and basement, according to RKF, which represented the landlord, Triumph Hotels, in the deal. Triumph is also the owner of the Cosmo hotel which is next to 113 Reade Street on West Broadway.  Read More