A joint venture between JDS Development Group and Largo Investments received financing from New York-based mezzanine lender Terra Capital Partners and Santander Bank to fund the predevelopment of a luxury condominium at 514 West 24th Street, Mortgage Observer has first learned.
Terra Capital provided a $12 million preferred equity investment to coincide with an $18 million senior loan from Santander.
The New York-based real estate development and investment firm The Bauhouse Group received a $35 million construction loan from Doral Bank to fund the development of a luxury condominium and retail building at 515 West 29th Street near Manhattan’s High Line, Mortgage Observer has first learned.
Mark Wolfson of Wolfson Capital arranged the 30-month construction loan, which carries an interest rate of 6 percent, as well as prior acquisition financing from Puerto Rico-based Doral. The construction loan closed last week.
Marcus & Millichap has arranged the $5 million sale of a 3,884-square-foot townhouse at 353 West 20th Street in Chelsea, Commercial Observer has learned.
It’s not every day that a 23-foot-wide property hits today’s hot Chelsea market, brokers handling the sale said, noting that the seller “meticulously managed” the property for two decades before deciding to cash in on their investment.
Parks and Recreation
The developer of a commercial tower planned to rise along the western edge of the High Line at 13th Street and Tenth Avenue has dropped its bid to build a significantly larger structure than is allowed by zoning. The proposed tower, to be designed by Chicago-based architecture firm Studio Gang, had sought a variance to build 34 percent larger than is permitted by zoning at 40-56 Tenth Avenue. However, after a number of appearances before the Board of Standards and Appeals, it became clear that approval for the variance would not be forthcoming, according to Howard Goldman, the project’s land use attorney. However, developer William Gottlieb Real Estate is still seeking height and setback variances in its modified application.
Columbia University and the city’s parks department have unveiled Muscota Marsh, a park built on an acre of land along the Harlem River and designed by the lead firm behind the High Line.
The James Corner Field Operations-designed park, near the university’s Baker Field, features a meandering wooden boardwalk, gravel paths and wooden benches, forming what the Read More
In 1952, the February issue of Popular Mechanics boasted of a “SuperPier” at Pier57, an engineering marvel designed to be indestructible and built upon three giant concrete boxes instead of the wooden piles characteristic of surrounding piers. Six decades later, and after five grueling years of paperwork and approval processes, Young Woo & Associates intends to bring Read More
A new breed of visitor is frequenting the High Line park.
Last year an exterminator at the popular park found an unfamiliar critter in a trap and sent it off to an insect lab. Researchers from Rutgers and the University of Florida have determined that the roach was an Asian species of cockroach – Periplaneta japonica – never before seen in this country that, unlike other cockroaches, can survive outdoors in freezing temperatures.
First proposed in 1999 with the establishment of the nonprofit organization Friends of the High Line, the preservation and reuse of the New York Central Railroad’s West Side Line has been criticized by some as sanitizing the once gritty Meatpacking District.
First opened in 2009, the High Line stretches as far north as 30th Street and will eventually terminate at the Hudson Yards site. Though the High Line can boast a significant role in popularizing the neighborhood both with tourists and New Yorkers, it is neither the first nor only attraction to boost real estate values in the area.
Below, The Commercial Observer looks at some of the real estate landmarks and popular attractions in the vicinity.
A waterfront park that includes repurposed rail tracks is open in Long Island City, sprucing up the 30-acre middle-income housing development underway in the Hunter’s Point South area.
The five-acre park includes basketball courts, a children’s playground, an expansive dog run and an athletic oval. And, of course, panoramic views of Midtown Manhattan reinforce one of the post-industrial neighborhood’s greatest assets.
Midtown South is starting to look a little like Downtown North.
In the latest sign of the evolution of Manhattan’s former no-man’s land between Midtown and Downtown into the hottest office submarket in the U.S., Cushman & Wakefield last week noted a migration of financial firms into Midtown South and a corresponding overflow of technology and media firms into the Financial District over the past 10 years.
“We’ve never seen such an intertwining of the Midtown South market and Downtown,” Andrew Peretz, executive vice president at C&W, said in an interview.
Robert Hammond announced this month that he will step down as executive director of Friends of the High Line at the end of the year. The self-described entrepreneur will leave the organization that he co-founded in 1999 with Joshua David in enviable shape. The High Line—the elevated park that in 2009 opened to the public on a long-abandoned former West Side freight railway trestle—drew 4.4 million visitors last year.
Friends of the High Line is in the midst of a $125 million capital campaign that will help fund stage three of the project and bring its northern terminus to West 34th Street. Once it officially runs from Gansevoort Street in the Meatpacking District through Chelsea and to the Hudson Yards site, the High Line will serve as a pedestrian artery between three of the city’s most dynamic—and fastest changing—neighborhoods.
Mr. Hammond spoke to The Commercial Observer about the genesis of the project, the surrounding real estate gold rush it has amplified, if not prompted, and the backlash of a vocal minority.
Giorgio Armani is getting a view over the High Line. The Italian fashion company has inked a lease for a 60,000-square-foot space at 450 West 15th Street in the Meatpacking District, sources familiar with the transaction confirmed to The Commercial Observer, and is due to move its headquarters and showroom to the space in October 2013.
New York Mayor Michael Bloomberg was on hand Tuesday as Related Companies broke ground on the first of what will be a string of buildings in the Hudson Yards development on Manhattan’s midtown west.
Related founder – and Miami Dolphins owner – Stephen Ross, called the project the “most ambitious construction project in the history Read More
The controversial proposal to add a boutique hotel and office space to the Chelsea Market Building was certified Monday by the city Department of City Planning and will now go through the agency’s 7-month ULURP process, it was announced yesterday.
Jamestown Properties, the owners of the Chelsea Market Building, have requested a Zoning Text Amendment and a Zoning Map Amendment to help them build two new additions to the former factory building: a 240,000 square foot office addition and a 90,000 square foot hotel expansion.
The Albanese Organization is closing in on a development site next to the High Line that rapper Jay-Z had owned and lost during the downturn.
The company, a real estate development and acquisition firm, could shell out nearly $60 million for the site according to sources familiar with the parcel, which sits next to the Read More