Mortgage Observer

Chinese Firm Gets Financing for Brooklyn Condo Without J.V. Partner

Oosten

A major Chinese investment firm has secured a loan from a U.S. lender to develop a large-scale residential real estate project in Brooklyn. But Xinyuan Real Estate Co. is taking a different tack from that of many foreign investors that have developed real estate in New York City: It is proceeding without a U.S.-based joint venture partner.

Xinyuan, through its U.S. real estate arm XIN Development, plans to build a seven-story condominium development in South Williamsburg, to be called Oosten, according to a representative for the firm. The project nabbed a $165 million loan from New York-based Fortress Investment Group, according to data provided by the real estate services firm Real Capital Analytics. Fortress did not respond to a request for comment. Read More

Sales Beat

Santander Unloads 45 East 53rd Street for $120M

NYE45322

Spanish banking giant Santander has sold 45 East 53rd Street in Midtown for $120 million, city records show.

The 130,000-square-foot, 20-story modern glass and stone building serves as the bank’s New York headquarters.

Alex Kurkin, an attorney with Florida-based law firm Kurkin Forehand Brandes, signed off on the deed for the buyer, which was listed as Kireland East 53rd Street New York, LLC in city documents. Read More