Lease Beat

HSBC Grows by 75,000-SF at 330 Madison

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HSBC expanded by 75,000 square feet at 330 Madison Avenue in a deal that gives the British bank two additional floors–the 12th and lucky 13th–at the Grand Central-area office tower.

The tenant already occupies the full fifth floor. This growth spurt will allow HSBC to relocate some divisions from 452 Fifth Avenue to Vornado‘s 742,000-square-foot property. Read More

Mortgage Observer

Commercial Real Estate Lenders Reaching, or Exceeding, 2013 Expectations

InDepth

December is typically a time when real estate leaders, especially the bankers who provide financing for commercial real estate transactions, allocate many evenings to attend year-end holiday parties.

One of the questions on the minds of many in attendance at these elaborate events this year will no doubt be whether the financial institutions have reached or exceeded their goals in providing funding for real estate transactions. One thing is certain: CMBS investment bankers have exceeded last year’s output, yet it is not certain if the Wall Street shops will reach a $100 billion in gross lending. There are also the traditional savings and commercial banks, mortgage REITs, private equity funds and insurance companies, as well as new players in town who joined and/or increased their volume of financing this year.

Read More

Sales Beat

Nordstrom Pays $102.5 M. for Midtown Flagship

(Photo: nuancemarketing.net)

Seattle-based luxury retailer Nordstrom has reportedly paid $102.5 million for the site of its future Midtown flagship store at 225 West 57th Street.

The seven floor store will anchor a massive 88-story, 1,550-foot residential condo tower that Extell Development is building at the site.

The retailer said its store will encompass 285,000 square feet when it Read More

Mortgage Observer

Brooklyn’s Retail Financing Redux: Hipper Shopping En Route

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As the economy continues to build steam, a new Brooklyn finds itself craving a new retail culture—and developers and financers are keeping close watch. While New York’s most populous borough has seen a large number of residential buildings take shape in the past year, financing for retail construction projects and acquisitions are just now beginning to catch up.

When asked, the developers behind several of the latest big retail projects told The Mortgage Observer that many of those properties would have a more chic look and feel and a more versatile use than traditional shopping outlets and malls. One common point of comparison has been Jamestown’s Chelsea Market, the high-end urban food court and shopping center with galleries and production studios mixed in. Read More

Lease Beat

Digital Video Company Expands in Hudson Square

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Splashlight Photographic and Digital Studios has signed a five-year lease for 14,000 square feet at Trinity Real Estate’s 225 Varick Street, it was announced today.

The company also occupies 63,000 square feet on the third floor of Trinity’s 1 Hudson Square. Asking rents for 225 Varick are $45 per square foot. Read More

Lease Beat

KLS Diversified Signs Lease at 452 Fifth Avenue

Nicholas Koenig - Frontal Facade

KLS Diversified, a fixed income asset management firm, has signed a lease for the 22nd floor of 452 Fifth Avenue.

The 10-year lease is for approximately 16,500 square feet, said Ehud Elizur, president of PBC USA Real Estate LLC, the building’s landlord. The deal was first reported yesterday by the New York Post.

Mr. Elizur declined to disclose financial terms of the deal citing confidentiality but did say asking rents on similar floors were in the mid-80s per square foot. The lease was signed February 1, 2013, Mr. Elizur said. Read More

Mortgage Observer

Making Waves: European Banks Exit, Asian Banks Sail On

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Last fall, a group of lenders—including debt funds, insurance companies and international banks—competed for the $80 million assignment to refinance Lehman Brothers HoldingsOn The Ave Hotel on New York City’s Upper West Side.

Ultimately, the borrower tapped Singapore-based United Overseas Bank, which in the last two years has been behind several large office loans in New York and hotel loans on the West Coast, but which was essentially a newcomer to the city’s hotel lending scene. UOB inked the deal during the same late November week when Bank of China closed a $465.9 million loan on the iconic Plaza Hotel, after having refinanced the Mandarin Oriental Hotel for $170 million earlier in 2012. Read More

Sales Beat

SL Green, Chinese Government, Follow Hipsters to Williamsburg

250 Bedford Avenue

First it was the hipsters.  Then it was China.  And now the city’s largest office landlord, SL Green Realty Corp., is finally seeing promise in the residential development of Williamsburg, Brooklyn.

The real estate investment trust and commercial real estate giant announced this morning that it has agreed to purchase a newly completed, vacant residential building in the hip-turned-posh Brooklyn neighborhood — the company’s first foray into Brooklyn’s residential market.

Information in a prepared statement sent by the company suggests that the address is 250 Bedford Avenue, though it was not specified. Read More