While prime retail corridors like Fifth Avenue and Soho have stayed afloat post-recession by keeping it real with a mix of high- and middlebrow retailers, Madison Avenue is standing by luxury as a bulwark in the sputtering economy.
Thor Equities‘ purchase of 35,000 square feet of retail space at 680 Madison Avenue for $277 million is further evidence of the street’s dramatic comeback, and, according to The Wall Street Journal, among the highest prices ever paid for retail property on the thoroughfare.
Training for a marathon while working a full-time job would be a challenge for anyone. But working up to that 26.2-mile mark while simultaneously doing your part to contribute to a nation-wide book of transactions that over the last 18 to 20 months included the origination of more than $20 billion in commercial real estate loans might pose its own set of challenges.
Steve Kenny, Bank of America’s commercial real estate banking executive for New York and New Jersey, is doing just that, though. And when he takes to the starting line for the ING New York City Marathon November 4 to set out on a course that will take him through all the five boroughs, the challenges he’ll face will in many ways be business as usual.
The Mortgage Observer has learned that a $200 million refinancing of the Carlton House condominium conversion is in the works. Bank of America is in talks with partners Angelo, Gordon & Co. and Extell Development to provide the financing, though the loan hasn’t closed and terms weren’t available.