Office Towers at 530 Fifth Avenue and 485 Seventh Avenue Defeased

530 Fifth Avenue.

Two securitized loans backing Manhattan office towers at 530 Fifth Avenue and 485 Seventh Avenue were fully defeased this month, according to December remittance data obtained by Trepp and provided to Mortgage Observer.

The 499,554-square-foot office tower at 530 Fifth Avenue has a current balance of $164.1 million and previously made up 7.8 percent of its CMBS deal, WBCMT 2006-C25. The building’s defeasance brought the total percentage of defeased loans in that deal to more than $218 million, or 10.4 percent of the securitized balance, according to Trepp. Read More

Mortgage Observer

GE Capital Provides $100M Financing for Midtown Hilton Hotel

Hilton Homewood Suites at 312-318 West 37th Street.

GE Capital Real Estate has provided $100 million in take-out financing to a joint venture between Rockwood Capital, Albanese Development Corporation and The Buccini/Pollin Group for a new hotel near Times Square, Mortgage Observer has first learned.

The loan replaces construction financing for the recently opened Hilton Homewood Suites located at 312-318 West 37th Street between Eighth and Ninth Avenues. Read More

Sales Beat

Thor, Rockwood Snap up UWS Building [Updated]

838 West End Avenue.

Thor Equities‘ residential arm, along with Rockwood Capital, have closed on the purchase of a 70-unit rental building on the Upper West Side, Commercial Observer has learned.

The deal at 838 West End Avenue closed last night, and according to the exclusive broker on the deal, Steven Vegh, president of Westwood Realty Associates, the price was $67 million. The seller was Zauderer Realty Associates LLC. Read More

Mortgage Observer

Cartier! Versace! Vuitton! Financing Next Gen at Crown’s Ritzy Retail Focus

Chera brothers.

One day in the late 1980s, three Brooklyn brothers in their teens—Isaac, Haim and Richard Chera—followed their grandfather, Isaac, and their father, Stanley, on a trip to Manhattan. While not in school, the brothers would spend much of their spare time in the Fulton Street children’s clothing store that their grandfather had opened in 1948, in a space formerly occupied by a hat store, Suzette Millinery Shop. At the time, lacking the money to replace the previous banner, Isaac Chera simply tweaked it, naming his business Suzette Kiddie Store. Only later, after having expanded to several other stores, did the family change the name to Young World. Soon, the elder Isaac Chera started to invest in real estate. The best advice he gave to his family, according to his grandson, Haim, was to always buy the building where they had a store. Read More

Lease Beat

Financial Protection Bureau Signs First New York Lease At 2 Grand Central Tower


The Financial Protection Bureau established its first New York outpost by signing a 21,000-square-foot lease at 2 Grand Central Tower. The bureau will occupy part of the third floor and the entire fourth floor at the Midtown building purchased last year by Rockwood Capital. The 10-year lease was done for rents around $50 per square foot. Paul Amrich, Vice Chairman in CBRE‘s Brokerage Services Group, led a team representing the landlord. David Leest, a broker with Brody Realty Corp., represented the bureau.

The regulatory agency was established last year as a result of the Dodd-Frank Act, legislation passed to guard consumers in the wake of the financial crisis and Great Recession. The bureau sought a space that would place it near the financial services companies it works with–the headquarters of Bank of America, JPMorgan Chase, Citibank and Wells Fargo are within a few blocks of 2 Grand Central Tower, on 45th Street between Lexington and Third Avenues. Read More

Lease Beat

2 Grand Central Tower Fills 42nd Floor

Courtesy of The Egge Adventure

ED&F Man have signed a ten-year lease for an office in Rockwood Capital’s 2 Grand Central Tower.

The commodities, logistics, and risk management services firm will grab 22,014 square feet spanning the entire 42nd floor and some of the 41st floor. The firm is in the process of moving in with small work being done Read More

Lease Beat

Banorte Securities is Moving Up Thirty Floors at 140 East 45th Street

From the second floor to the thirty-second!  (Courtesy New York Times)

Banorte Securities, a Mexican financial firm based in Monterrey, is expanding its New York office at Rockwood Capital‘s building at 140 East 45th Street.

Banorte has been a second-floor tenant of the building for the past seven years, but recent growth and a fast approaching lease expiration has pressured expansion. The bank will be moving to an 8,500-square-foot office on the 32nd floor. Read More

Investment Sales

Jamestown Properties and Rockwood Capital Purchase 530 Fifth Avenue

530 Fifth Avenue.

Jamestown Properties and Rockwood Capital, along with Crown Acquisitions and Murray Hill Properties, finalized their deal to purchase 530 Fifth Avenue for a reported $390 million, officials said.

The property, which was previously owned by Joseph Moinian and the Chetrit Group, will receive a $20 million renovation to upgrade the building. Read More