CIT Real Estate Finance provided $57.5 million in financing to a partnership between the Brooklyn-based real estate firm RedSky Capital, the London-listed private equity fund JZ Capital Partners, and other investors to refinance a property along the Brooklyn waterfront in Greenpoint. The deal allows for a residential development with a retail component when leases expire within the next two years.
The senior secured land loan was originated by New York-based CIT Bank, according to a press release from the lender. The debt, which carries a term of two years with a one-year extension option, serves as a bridge loan until construction financing can be put in place.
Matthew Stacom, a former top broker at Cushman & Wakefield and prolific dealmaker who orchestrated the sale of the development site that would become the Sears Tower, has died. He was 95.
Mr. Stacom began his career with Cushman & Wakefield in 1946, staying on with the brokerage for nearly seven decades and completing several high profile Read More
Prosek Partners has signed a 13,350-square-foot lease for the entire seventh floor at 105 Madison Avenue, The Commercial Observer has learned.
The public relations firm will relocate from the Empire State Building in a long-term deal. Previously known as CJP, Prosek counts ING, General Electric and Genworth Financial among its list of clients.
Global textile manufacturer Alok Industries has signed the larger of two new long-term leases at 105 Madison Avenue, The Commercial Observer has learned.
The Mumbai-based company will relocate its New York office from 7 West 34th Street after snapping up 17,600 square feet across the entire fourth floor and part of the fifth floor at the A&R Real Estate building.
LeadDog Marketing Group has signed a 10-year, 24,929-square-foot lease at 440 Ninth Avenue. Asking rents were $45 per square foot.
“It was the right balance; nicer than what we currently have, but not super corporate,” Donna Providenti, chief operating officer at LeadDog, said of the space. “We are coming from old loft spaces that aren’t really suited for office use.”
Off the Rails
Bravo Media is expanding their operations in New York.
The innovative production company has inked a 10-year deal to take 5,300 square feet at 145 West 28th Street. The new space, located on the second floor of the building, will feature a production studio and a green screen. The company boasts an impressive client list including work with Beyonce, Rihanna, IBM, HBO, and recently Anthony Bourdain‘s No Reservations.
Related’s Steve Ross is determined to get his Hudson Yards mega-development built. The developer began demolition work earlier this year, and a slew of new renderings has been trickling out online. He also boldly declared he would secure at least 3.5 million square feet of leases this year. One of those could be Read More