Year in Real Estate
For two years in row, 1 World Trade Center scored among the city’s largest transaction, starting with 2011’s Condé Nast showstopper and following with last year’s 270,000-square-foot UGS deal. But in 2013, the buzz moved uptown when another marquee deal, L’Oreal’s 400,000-square-foot commitment to the Related Companies, stole the headlines at the new Hudson Yards development.
Last year was a relatively modest one compared to 2011 when it came to office leasing, but 2013 saw a significant rebound—the top 10 deals totaled more than 2.7 million square feet, a 50 percent increase year over year. Like 2012, a variety of sectors made the list, from financial services to law firms to the media and publishing industries.
Below are the top 10 leases of 2013 by square footage, courtesy of Cushman & Wakefield.
Capital One Bank has completed the syndication of the previously announced $220 million credit facility for American Realty Capital New York Recovery REIT, Inc. (“NYRR”).
The syndicated loan will be used primarily to facilitate acquisitions of large, institutional-quality properties in New York City, the bank said.
Capital One Bank acted as the sole lead Read More
N+S Wines is set to open up shop in Queens.
The newly established liquor store will be opening a location in the shopping plaza at 5850 Francis Lewis Boulevard in Flushings, brokers told The Commercial Observer.
“It’s a great location with a lot of residential customers,” said Grant Dolgin, a broker at Kalmon Dolgin Affiliates. Read More
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The Mortgage Observer has learned exclusively that Capital One Bank has provided a $60 million loan to Jamestown Properties to finance its recent acquisition of 325 Hudson Street, bought in April for $110 million from a joint venture of Young Woo & Associates and San Francisco’s Bristol Group.
Capital One Bank has grown steadily since it was founded by current chairman, CEO and president Richard Fairbank in 1993. Along the way it grew from a mono-line credit card company funded through the capital markets into a more diversified entity with commercial and consumer banking. It managed to make Visigoths funny and capitalize on Alec Baldwin’s Words With Friends meltdown, while simultaneously deepening its reach into lines of business like commercial real estate.
The bank as a whole had $294.5 billion in loans outstanding and $216.5 billion in deposits as of March 31, 2012, according to its first quarter 2012 results. The commercial and multifamily real estate portion of this increased when comparing year-end results recently as well—rising to $15.4 billion for the period ended Dec. 31, 2011 from $13.4 billion the previous year.
From the Finance File
DelShah Capital has snapped up the note on a 26,000-square-foot, five-story Meatpacking District building it had been eyeing for several months—taking the first mortgage and senior liens on 55 Gansevoort Street from lender Capital One Bank. The firm plans to renovate some floors, creating office space. It may also partner with a restaurant currently occupying space in the building.
Michael Shah, principal and CEO of DelShah Capital, told The Commercial Observer that the deal was complex because a restaurant, Villa Pacri, occupies several floors there.
The banks have welcomed Billy Macklowe back with open arms.
Mr. Macklowe has secured a $25 million mortgage at 636 Sixth Avenue, which he picked up for $45.2 million a few months ago. The lender was Capital One National Association.
When Mr. Macklowe bought the building with ING Clarion in January, he told Read More