By Laura Kusisto 4/06/11 8:04pm

Comebacks

Stirrings at Two Haunted Assets

Life is stirring again at the ghostly Drake Hotel site.

With financing for development sites still virtually frozen, CIM Group has received a $30 million mortgage from Pacific Northwestern Bank on the former home of the Gilded Age hotel, according to public records.

As The Observer reported in February, the spot at Park Avenue and 57th Street is likely the only existing development Read More

By Laura Kusisto 3/23/11 7:59pm

Legalized Gambling

Met’s Original Home Gets $150 M. in Financing

A boutique office building at Fifth Avenue and 53rd Street, the Corinthian original home of the Metropolitan Museum, has secured $150 million in financing.

The influx of capital at 681 Fifth Avenue, a prime retail spot whose tenants include Tommy Hilfiger, will be used to pay off any outstanding debt and to fund additional pre-built floors Read More

By Laura Kusisto 3/07/11 4:21pm

Money Matters

Royal York’s $25 M. Financing

One of the Upper East Side’s first condo-ops has secured a $24 million senior underlying co-op mortgage and a $1 million unsecured line of credit

The Royal York, near York Avenue between 63rd and 64th streets, has received a seven-year financing with a fixed-rate of 3.96 percent. The loan, provided by a local savings bank, Read More

By Laura Kusisto 3/02/11 9:03pm

Money Matters

Wannabe Luxe Development Site On Sale Near U.N.

Loans on a stalled development site are being sold to investors with an appetite for four slices of the United Nations submarket.

The current owners had considered moving air rights from the two 45th Street properties to the two on 44th Street, offering nearly 75,000 square feet of potential development in a prime area for hotels Read More

By Eugene Gilligan 3/23/10 11:31am

‘Babes in the Woods’ Need Not Apply

When Ashish Parikh went looking for lenders late last year to refinance the nearly $30 million in debt that his company, Hersha Hospitality, assumed when it purchased the Hilton Garden Inn in Tribeca, he received some level of interest from 30 lenders, and six term sheets.

“If this was 2006 or 2007, Read More