Mortgage Observer

Rockpoint Acquires UES High Rise for $218M With Wells Fargo Loan

The Wimbledon at 200 East 82nd Street.

Rockpoint Group acquired The Wimbledon, a 28-story apartment high rise on the Upper East Side, for $218 million, or $977,578 per unit, with a $115 million loan from Wells Fargo, city records show.

The Boston-based real estate investment firm purchased the luxury rental building at 200 East 82nd Street from J.P. Morgan Investment Management in a deal brokered by Darcy Stacom and Paul Liebowitz of CBRE. Read More

Sales Beat

Lloyd Goldman Buys Murray Hill Apartment Building for $126M

The Nash

Lloyd Goldman of BLDG Management has acquired The Nash, a 191-unit apartment building located at 222 East 39th Street in Murray Hill, for $126 million.

The sellers, a partnership led by Atlas Capital, Rockpoint Group and The Procaccianti Group, acquired the debt on the property, then known as the Eastgate Tower Hotel, in 2012 with a plan to convert the building to apartments. The property exited bankruptcy in November 2012 and renovation of the building began in early 2013. Read More

Mortgage Observer

Beech Street Capital’s Grace Huebscher Finds Opportunity in Acquisition

Grace Huebscher (Photo by Susana Raab)

During last year’s Mortgage Bankers Association commercial real estate finance (CREF) conference, Grace Huebscher, president of the leading multifamily lender Beech Street Capital, found clarity on a topic she had been considering for some time—that staying ahead of the competition would require the support of a larger institutional partner. Capital One, Beech Street’s primary bank since 2010, had been on her radar, along with other top players in the finance arena. But prior to the annual event, Ms. Huebscher had felt that time was on her side.

A deeper sense of urgency set in as she listened to her peers speak about the challenges and changes ahead, from agency reductions to the return of the banking industry. That solidified a thought she and her partners had been entertaining for more than a year. Read More


Milford in Times Square Reopens as Row NYC

Row NYC's new lobby

Following the completion of a $140 million redevelopment, the Times Square hotel formerly known as the Milford Plaza (and later The Milford) has reopened as Row NYC, the hotel announced.

Highgate Hotels and Rockpoint Group‘s two-year renovation project included adding to the lobby Iconic M, a satellite location of the cult international news retailer Soho News, as well as a state-of-the-art Internet lounge. Read More

Sales Beat

American Realty Capital NYRR to Acquire 1440 Broadway

American Realty Capital

The American Realty Capital New York Recovery REIT has agreed to acquire the 750,000-square-foot office tower at 1440 Broadway from Rockpoint Group and Monday Properties for $528.6 million.

“We are pleased to be acquiring 1440 Broadway,” said Michael Happel, chief investment officer of NYRR, in a prepared statement. “The Times Square South neighborhood, we believe, has significant long-term potential as the Times Square submarket pushes south and the Bryant Park submarket pushes north.” Read More

Manhattan Market Report

Sevenfold Retail Sales Volume Catapults $13 Billion Q4: Eastern Consolidated


An unprecedented sevenfold increase in retail property sales fueled the Manhattan commercial real estate sales market’s epic comeback in the fourth quarter – its strongest performance since 2007, according to preliminary data from Eastern Consolidated.

The hallmark quarter, with nearly $13 billion in sales volume – the strongest since record-breaking performances in 2007 (peaking at $19 billion in Q2 of 2007) – was triggered by fears of impending capital gains taxes, which had owners scrambling to unload properties before year’s end.

“This was definitely fiscal-driven growth,” said Barbara Byrne Denham, Eastern Consolidated’s chief economist.  “Sellers wanted to cash out and buyers knew it, so they were eager to come to the table as well.” Read More


Observer Media’s Masters of Real Estate, Minute by Minute by Minute

CO 11-13, Postings Page 22

More than 300 real estate professionals crowded the Metropolitan Club early Thursday morning, despite snow-covered sidewalks, for the Observer Media Group’s third annual Masters of Real Estate forum.

Sponsored by Fried Frank and Marks Paneth & Shron, the event drew boldface names like Larry Silverstein and Mortimer Zuckerman, who spoke about the devastation wrought by Sandy, not to mention financiers like Angelo Gordon & Co.’s Adam Schwartz and Rockpoint Group’s Keith Gelb, who weighed in on opportunistic investments.

Below, reporter Al Barbarino walks the room and listens in on the panels, striving to put his finger on the commercial real estate industry’s pulse, minute by minute. Read More