American Development Group, the developer of a Park Slope residential project, nabbed a $15.3 million construction loan from the U.S. division of Israel’s Bank Leumi, Mortgage Observer has exclusively learned.
West Hempstead, N.Y.-based held ADG will build three townhouses, seven condominium units and a fully automated 45-car garage at the project at 346 13th Street. The deal closed Dec. 3.
Italian fine jewelry purveyor Roberto Coin Inc. has signed a 10-year renewal and expansion at 579 Fifth Avenue, Commercial Observer has learned. The tenant has leased the building’s entire 16th and 17th floors for a total of 9,134 square feet.
Roberto Coin had previously occupied approximately 7,000 square feet at the Stawski Partners’ property. The landlord recently completed a major renovation of the building designed by Kohn Pedersen Fox. Upgrades included a two-story transparent storefront, a new lobby and elevator improvements.
The Malkins may have shrugged off Joe Sitt’s attempts to buy the Empire State Building, which would have effectively dammed today’s “The New York Post reports that the prolific buyer of city real estate is in contract to buy two adjacent buildings at 562-564 Fifth Avenue for roughly $105 million.
Bank Leumi is Read More
It seems like the perfect storm: investors are paying record prices to acquire residential rental apartments in metropolitan areas. And at the same time, financial institutions—especially regional and local commercial and savings banks—are offering the lowest rates for long-term financing for this asset class. Ramping up the competition, Fannie Mae, Freddie Mac, insurance companies, CMBS and conduits are all offering borrowers low rates, with terms we have not experienced in decades.
Got a chunk of change lying around? With a book of business north of $5.5 billion, Rosemary Vrablic, a managing director in the asset and wealth management division at Deutsche Bank, can help.
Private banking is loosely defined as personalized financial services offered by banks to their high-net-worth clients. And the top providers are largely holding steady, according to 2011 year-end results from U.K.-based private wealth management consultancy and research firm Scorpio Partnership.
130 Cedar Street—$70 Million
Bank of China provided a $70 million mortgage to borrower Cedar & Washington Associates for its building at 130 Cedar Street in lower Manhattan. The property features 181,297 square feet and is 21 stories tall. The mortgage price per square foot is $386.