Mortgage Observer

Shaoul Grabs $71M for Kips Bay Dorm

340 East 24th Street (PropertyShark)

Ben Shaoul received $71 million in construction funds to build his Kips Bay dormitory project, the developer confirmed to Mortgage Observer. The prolific buyer and his partner bought the building last December.

The three-year loan, backed by 340 East 24th Street, was provided by Santander BankRead More

Mortgage Observer

Class of 2013: New Hires Signal Banks’ Growth Heading Into New Year

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Everyone wants to operate a business in New York City. Companies from around the world travel to the Big Apple to expand their presence in the global market by staking out space here.

While the costs of operating a business in the city and in the region can be astronomical, the rewards can make it well worth it. So despite the challenges, each year a number of financial institutions from around the globe decide that it’s time to expand in New York in order to capitalize on companies’ desires to open shop or expand their operations here. As 2012 draws to a close, a number of new entrants from regional and national banks are elbowing in to gain market share in the New York tristate area by offering financing for commercial real estate. That means new hires. Read More

Sales Beat

Santander Unloads 45 East 53rd Street for $120M

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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

Sales Beat

Santander To Sell 45 East 53rd Street

45 East 53rd Street

The Spanish bank Santander is marketing 45 East 53rd Street in what will likely be a sale leaseback deal.

An investment sales broker familiar with the building said that it could trade for as much as $100 million or more.

The building is about 113,000 square feet and is fully occupied by Santander, which uses the space for its New York operations. Marcos DeSillas, a facilities manager who oversees the property for Santader told The Commercial Observer that the property’s sale is being handled by executives at the bank’s headquarters in Spain. Read More