Macy’s has renewed its lease for the 646,000-square-foot space at 11 Penn Plaza, it was announced yesterday.
The new lease runs through 2035, according to a statement from Vornado Realty Trust, which owns the building. Financial terms were not disclosed.
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.
Mark Scott’s Commercial Mortgage Capital has arranged an $8 million construction loan for phase two of Riverbend at Wappingers Falls—at 80 Sterling Drive in Wappingers Falls, N.Y. PNC Bank was the lender on the transaction.
The Power Broker
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.