It seems like the perfect storm: investors are paying record prices to acquire residential rental apartments in metropolitan areas. And at the same time, financial institutions—especially regional and local commercial and savings banks—are offering the lowest rates for long-term financing for this asset class. Ramping up the competition, Fannie Mae, Freddie Mac, insurance companies, CMBS and conduits are all offering borrowers low rates, with terms we have not experienced in decades.
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.
Meridian Capital Group recently wrapped up $25 million in acquisition financing for Steiner Equities’ purchase of the Jardin, a 44-unit multifamily building with retail space in the Williamsburg section of Brooklyn.
On the heels of its announcement last week that it had completed the acquisition of 57 New York City area branch locations, Bridgeport, Conn.-based People’s United Bank has hired John Costa to head up its New York commercial real estate lending operations, sources told The Mortgage Observer.
Mr. Costa, who couldn’t be reached for comment, Read More