The Sorting House, a 30-unit condominium project underway atop a post office in Hell’s Kitchen, received $24.7 million in construction funds, a representative for the developer told Commercial Observer.
The loan for the development, at 318 West 52nd Street, was provided by CapitalSource, the commercial lending arm of Pacific West Bank, according to the representative. Ackman-Ziff brokered the deal.
Defeasance provisions, which allow sponsors to swap out a loan with Treasuries that replicate the cash flows of the loan, have again become a popular option for CMBS borrowers looking to lock in rates and avoid prepayment penalties, industry sources told Mortgage Observer.
While defeasance provisions were invoked regularly before the 2008 financial meltdown, the current wave marks a new post-crisis high.
New York-based real estate private equity and asset management firm Savanna has closed on its acquisition of two adjacent loft-style office buildings at 245 West 17th Street and 249 West 17th Street in Chelsea for $75.8 million, city records show.
Originally a dry goods warehouse and wagon house for the Siegel-Cooper Company department store, the property at 249 West 17th Street is a 145,000-square-foot, six-story building. The other property, equal in square footage, is 12 stories high.
The two properties have a combined 40,000 square feet of office space and are located within a couple blocks of Chelsea Market, the Meatpacking District and Google’s 111 Eighth Avenue.
JP Morgan Chase has originated a $450 million loan to refinance 452 Fifth Avenue, an 865,000-square-foot tower on Bryant Park owned by an arm of Israel-based IDB Group. The financing comes as the building has undergone capital improvements to areas like elevators, lobby and its entryway.
Can The Commercial Observer party at its own party? You bet! The CO got down at its annual Power 100 celebration, which honors its picks for the top 100 most powerful, influential and successful real estate figures in the city. Held at the Core Club in Midtown on Monday night, the gathering featured a collection of the most distinguished owners, brokers, executives and politicians. After the jump, a minute-by-minute color commentary on the city’s most powerful human beings.
Eastern Consolidated has hired Ari Schwartz as an associate director, it was announced last week.
Speeches were casually ignored, drinks were spilled and bonds were formed at last Thursday’s 116th annual Real Estate Board of New York Gala, which this year drew an estimated 2,000 brokers, owners, advertising buyers and real estate reporters to the New York Hilton for an evening of conviviality, honorifics and hushed deal making. Among the fray was Commercial Observer staff writer Daniel Geiger, who during the course of the evening saw his stenopad tossed by an irate real estate broker and who unabashedly accosted Studley’s Woody Heller in the hotel’s bathroom, all for the sake of the story. Below, a timeline of gala comings and goings, from the innocuous gossip down to the downright obnoxious.