Development

Greenburger Set to Construct A ‘Legacy’

(Photo: Time Equities)

Developer Francis Greenburger of Time Equities has secured $400 million in financing to move forward with a Helmut Jahn-designed downtown Manhattan residential tower at 50 West Street.

The Wall Street Journal reported last night that the financing gives the developer the go to begin construction on the long-stalled 63-story residential project, which will overlook Battery Park and the Hudson River, in the fall. Read More

Mortgage Beat

Naftali Group Finances Development of a Luxury Rental in Boerum Hill

A rendering of 316 Bergen Street.

The Naftali Group has obtained financing to develop a luxury rental building at 316 Bergen Street on Third Avenue in the Boerum Hill neighborhood of Brooklyn, the firm’s founder, Miki Naftali, confirmed to The Mortgage Observer. The developer signed for building and project loan mortgages for a total of $18 million on the three lots, according to public records. The lender is PNC Bank. The total cost of the projects, of about $30 million will be covered with the loan and with equities, Mr. Naftali said.

Last May, Naftali Group teamed up with investment management advisor AEW to buy the 90,000-square-foot development site for $6.72 million. The partners plan to build an 85-unit rental property with 45 residential parking spaces, an open space, a lounge e and a gym. ODA Architecture has designed the project. Read More

The (New) Wizard of Menlo Park

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In January, a leak to the Bergen County Record revealed that Panasonic, a tenant in New Jersey since 1973, was considering fleeing the state in search of modern facilities and with an eye toward shrinking its North American headquarters. New York, Atlanta, Chicago and California were all on the table. Read More