Finance

CIT Funds Edgewater, N.J., Condos

The Pearl, in Edgewater, N.J.

CIT Real Estate Finance has provided $12.5 million in construction financing to National Resources, the developer of The Pearl, on New Jersey’s so-called Gold Coast.

The funds are for Phase II of the project, which will hold 63 residential condominiums. Read More

Finance

JLL Brokers $130M MetLife Loan for Two Philly Towers

1650 Arch Street in Philadelphia.

CBREI, an investment management affiliate of CBRE, closed the purchase of two Philadelphia office assets with $130 million from MetLife, Commercial Observer has learned.

The two Class A office towers, located in the Center City neighborhood, were purchased for about $200 million. The two floating-rate loans totaling $130 million from MetLife, brokered by JLL, allowed CBREI to complete the purchase.  Read More

Finance

Chetrit, Clipper Take NYCB Land Loan

A rendering of the project at 77 Commercial Street.

A partnership of The Chetrit Group and Clipper Equity took a $27.5 million bridge loan, backed by the land at 77 Commercial Street in Brooklyn’s Greenpoint neighborhood, Commercial Observer has learned.

As Commercial Observer has reported, the pair plans to develop a 720-unit, two-tower residential complex at the address. The land looks over Newton Creek—some of the last undeveloped waterfront land in the nation’s trendiest borough. Read More

Obituaries

C&W Exec Killed in Amtrak Derailment

Laura Finamore.

A Cushman & Wakefield executive has been identified as one of the eight people killed when Amtrak train #188 derailed Tuesday night.

Laura Finamore was a managing director of the corporate occupier and investor services group at C&W in New York City, where she worked since 2008, her family said in a statement. She was on her way back to New York on the ill-fated train after attending a memorial service for her friend’s mother at Arlington National Cemetery, NJ.com reported. Read More

Sales Beat

Dalan Management, RWN Real Estate Partners Buy Nolita Building for $14.6M

235 Elizabeth Street.

Dalan Management and RWN Real Estate Partners have partnered to purchase the residential property at 235 Elizabeth Street between East Houston Street and Prince Streets for $14.6 million, or approximately $800 per square foot, according to a press release. The seller, Gordon Chin, had owned the property with his family since 1987.

The six-story building is comprised of 18,081 square feet, with 27 residential apartments and three retail spaces. A B Biagi Coffee is one of the current tenants at the property. Read More

The Plan

The Plan: Teach for America’s New York Hub

Teach for America's new reception area includes digital screens to display its core values.

Teach for America, the popular program that prepares and places recent college graduates in underserved school systems throughout the country, had occupied offices at 519 Eighth Avenue and 315 West 36th Street in Midtown. But when these leases co-terminated, there was an opportunity to assess the city’s real estate market and the organization’s real estate strategy for its New York hub.

“We scoured the entire city [for space],” said Adam Wiseman, the managing director of facilities at TFA, who said the search took the organization from Brooklyn all the way up to Harlem. “It is difficult to be well located for us because we have teachers in all the boroughs.” Read More

Hotel Beat

Queens Tops Hotel Market to Start Year

image

When it comes to hotel performance, lodgings in Queens reigned king.

Hotels in the borough had positive performance across the board including occupancy, average daily room rate and revenue during the first quarter of the year when compared year-over-year, according to data provided to Commercial Observer by STR, which collects and benchmarks hotel data. Read More

Power Player

Mark Jaccom Is Bringing a Wholesome, Aboveboard Ethos to the Tenant Rep Business

Marc Jaccom is forging his legacy by bringing a wholesome attitude toward tenant representing. (Sasha Maslov for Commercial Observer)

Mark Jaccom says he is in the process of building his legacy. And that legacy is the rise of Cresa New York, the tenant representation firm that he took over in 2012 and has been steadily growing since.

“This is my last show,” Mr. Jaccom, the president and managing principal of Cresa New York, said of the firm, of which he knew little about before becoming its head. Mr. Jaccom, well known in real estate circles, has been in commercial real estate for over 35 years and has come out of retirement twice; he insists this will be his final act. Read More

Lease Beat

Athleisure Retailer Signs Office Lease in Flatiron

20 West 22nd Street.

Bandier, a luxury fashion, fitness and music boutique where spandex sells for $130, has signed an office lease at 20 West 22nd Street between Fifth Avenue and Avenue of the Americas, a property owned by a handful of ABS Partners Real Estate executives and investors.

According to a press release issued by ABS Partners, Bandier will move into its 2,309-square-foot space on the 10th floor of the property later this month. Read More

Lobby

Todd Korren Joins EVO as Principal and COO

Todd Korren.

Todd Korren has joined EVO Real Estate Group as a principal and chief operating officer, Commercial Observer has learned.

Mr. Korren comes from Massey Knakal Realty Services (which has since been purchased by Cushman & Wakefield), where he served as executive managing director. In this capacity, Mr. Korren oversaw the day-to-day operations of the 57-person sales team and the tri-state area’s retail leasing division. Before working at Massey Knakal, he was a principal and director of leasing at Savanna. Read More

Lease Beat

Textile Sales Agency Re-Signs Lease in Garment District

102 West 38th Street.

Paolo Blower International Textile Workshop, a company that offers Italian quality fabrics to American designers, has re-signed its lease at 102 West 38th Street in the Garment District.

The company, which according to office manager Marisa Frasca has been at the space since 1992, signed a lease for 4,698 square feet in a three-year lease renewal. It will continue to occupy the entire ninth floor of the nine-story building constructed in 1906. Asking rents were $41 per square foot. Read More

Buildings and Construction

DOB Getting $120M Overhaul

Department of Buildings Commissioner Rick Chandler (Photo: Michael Nagle/for Commercial Observer).

Less than a month after announcing a new initiative to help stalled construction projects get back on track, the city’s Department of Buildings Commissioner Rick Chandler is doubling down with a plan to “fundamentally reform the agency to enhance public and worker safety, slash wait times and delays and modernize all aspects of the agency to meet the needs of a 21st century city,” according to highlights of a DOB report being released today.

The department will receive an infusion of $120 million over four years which will allow for 320 new positions. Read More

Lease Beat

Equinox Is Katz’s New Neighbor

Katz's Delicatessen.

You can get a little extra pastrami on rye without too much guilt now.

Equinox, the high-end fitness center, is opening a 30,000-square-foot gym next door to Katz’s Delicatessen on the Lower East Side. It will take up the entire second and third floors of the development at 196 Orchard Street between East Houston and Stanton Streets, according to The New York Post. Read More